OPERATIONS

Fossil announces executive appointments

BY Staff Writer

Richardson, Texas — Fossil Inc. on Tuesday announced two additions and a promotion among its executive ranks.

Tom Kennedy was promoted to executive VP, from senior VP in the company’s retail division. In his new role, Kennedy will be responsible for the Fossil brand, including all product development and creative aspects.

Edward J. Robben joined the company as senior VP and chief information officer, and Joanne Calabrese joined as senior VP retail merchandising.

Before Fossil, Robben served as chief information officer and board member for J.C. Penney Co. Calabrese was previously with JCR Consulting, a retail consulting firm based in San Francisco.

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OPERATIONS

IBM: 2012 holiday shopping season to be ‘the year of mobile’

BY Katherine Boccaccio

Armonk, N.Y. — IBM’s fifth-annual Online Retail Holiday Readiness Report has uncovered that 2012 may just be the year of mobile.

Based on data from more than 500 U.S. retailers, the report found that online mobile sales increased 88.8% in the second quarter of 2012 compared with the same quarter in the prior year.

And IBM is forecasting that mobile sales will reach 20% of total online holiday sales this holiday season, and that mobile traffic will close in on 25%.

However, despite the growing trend in mobile shopping, social is lagging, according to IBM. The company’s recent Retail Online Index saw a 20% decline in social shopping in the second quarter, attributable – said IBM – to a lack of understanding on how to fully leverage social media. The IBM 2011 CMO Study showed that 65% of CMOs surveyed believe they are underprepared for the growth of social and online channels.

Additionally, IBM’s State of Marketing 2012 Survey found marketers are in the experimental stage when it comes to social media channels.

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Report: Best Buy pay consultant quits over retention bonuses

BY Katherine Boccaccio

Minneapolis — A Tuesday report by Bloomberg said that Best Buy compensation consultant Don Delves resigned after Best Buy awarded more than 100 managers retention bonuses that weren’t tied to performance.

Citing people familiar with the matter, Bloomberg reported that Delves – who is president of Chicago-based Delves Group and was retained by the Best Buy board — was strongly opposed to the payments. He has worked with the retailer’s compensation committee for seven years as an independent consultant.

CFO James Muehlbauer and U.S head Michael Vitelli are said to be among executives awarded extra pay as incentive to stay while Best Buy seeks a replacement for CEO Brian Dunn. Best Buy said the incentive pay is “intended to ensure leadership continuity,” according to an e-mailed statement to Bloomberg.

Muehlbauer and Vitelli, along with international president Shari Ballard and HR head Carol Surface, were in line to get lump-sum cash payments of $500,000 each. The executives also were to receive $2 million in restricted stock as part of the bonus plan. Planned bonus packages for more than 100 other Best Buy managers were structured similarly, said Bloomberg’s sources.

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