FTD names BCG partner to board
Downers Grove, Ill. – The board of directors of FTD Companies, Inc. has appointed Michael Silverstein as a director of the company, effective Jan. 21, 2014. Silverstein will serve as a class I director with a term expiring at the company’s 2014 annual meeting of stockholders.
Silverstein is a senior partner and managing director at The Boston Consulting Group ("BCG"). He has significant experience in the fields of consumer behavior and brand development, and is the author of four books on consumer spending, including the fields of luxury goods, market development and the rising female economy. He joined BCG in 1980 and has served in various positions prior to his current role, including as global practice leader and a member of the firm’s executive committee.
Target cutting 475 positions, eliminating 700 open ones
New York — Target Corp. is cutting 475 positions globally, and also will not fill 700 positions that are open worldwide.
“We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business,” Molly Snyder, a Target spokeswoman, said in an e-mailed statement, as reported by Reuters. “We will continue to invest in key business areas to strengthen our ability to compete and thrive well into the future.”
No specific details were given on the job cuts.
American Eagle CEO Hanson resigns
Pittsburgh — American Eagle Outfitters said that CEO Robert Hanson, would leave the company, effective immediately. He was appointed to the position in late 2011, after 23 years at Levi Strauss & Co., where he served in a number of executive roles.
Similar to many other teen retailers, American Eagle has been struggling. The company reported a profit of $24.9 million in the three months ended Nov. 2, compared to $78.6 million in the year-ago period. Revenue was $857.3 million, a decline from $910.4 million a year ago.
American Eagle chairman Jay was named interim CEO while the company searches for a replacement. In line with the changes, Roger S. Markfield has agreed to postpone his retirement and will continue in his current role as vice chairman and executive creative director.
“On behalf of the board of directors, I want to thank Robert for his contributions during his tenure and wish him well in his future endeavors,” Schottenstein said. “I look forward to working closely with Roger and our talented team to capitalize on the significant potential of our brands and to position the company for growth and long-term success.”