Intuit CEO joins Nordstrom board
Seattle – Brad Smith, president and CEO of Intuit Inc., has joined the board of directors of Nordstrom. Smith, who has been with Intuit since 2003, was named president and CEO in 2008. Prior to joining Intuit, Smith held sales, marketing and management roles with companies including ADP, PepsiCo, Seven-Up and Advo. He is also a former director of Yahoo.
“Brad adds to the already strong talent and diverse expertise represented on our board,” said Enrique Hernandez, Jr., chairman of the board of directors for Nordstrom. “In addition to his corporate governance experience as a public company director, he brings an impressive track record of leading a successful customer-driven business with a reputation for developing innovative products and solutions. We’re delighted to have him on our team and look forward to his contribution as we work to improve the service experience and extend our reputation with customers and shareholders alike.”
Nordstrom directors serve one-year terms, and all board members must be elected annually. Smith’s addition brings the total number of directors to 12, nine of whom serve as independent directors.
Jain leaves Wal-Mart India
Bentonville, Ark. – Raj Jain, who has overseen Wal-Mart’s India unit since 2007, has left his position. Neither Wal-Mart nor Jain has made any public statement on his departure. Wal-Mart has named Ramnik Narsey as interim head of its Indian operations. Narsey, former chairman and CEO of Woolworth’s India, joined Wal-Mart in May.
"We remain optimistic about our business in India and look forward to our future in India under Ramnik’s leadership," Scott Price, president and CEO for Wal-Mart Asia, said in an official statement.
Wal-Mart has been running stores in India since 2009 and works with local joint venture partner Bharti Enterprises.
Closing arguments in Macy’s-JC Penney suit set for Aug. 1
New York – Closing arguments for the lawsuit Macy’s filed against JC Penney and Martha Stewart Living Omnimedia last year are scheduled to commence Aug. 1, according to a report in Reuters. The suit claims a December 2011 agreement to create Martha Stewart boutiques in JC Penney stores violated Macy’s exclusive right to sell Martha Stewart Living products.
Since April 2012, an injunction has blocked JC Penney from selling any Martha Stewart-branded items, although it has been allowed to sell existing inventory of Martha Stewart merchandise branded under the JCP Everyday banner. Depending on how this lawsuit is resolved, JC Penney may be allowed to sell Martha Stewart Living merchandise or may have to pay damages to Macy’s.