OPERATIONS

J.C. Penney names chairman of the board

BY Staff Writer

Plano, Texas — J.C. Penney Co. announced Tuesday that Thomas J. Engibous will become chairman of its board of directors, effective Jan. 28.

Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. He will assume the chairman’s role from Myron E. (Mike) Ullman, III, J.C. Penney’s former CEO, who will step down as executive chairman.

Engibous is the retired chairman of Texas Instruments Inc.

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News

Electrolux names chief designer

BY CSA STAFF

STOCKHOLM —Stefano Marzano has been appointed chief design dfficer, a new role at Electrolux.

“Stefano Marzano is one of the most regarded and prominent design leaders in business today, and I am both pleased and proud to have him on my team. This recruitment confirms that Electrolux has come very far in the transition from a manufacturing-driven company to a modern consumer insight-driven company. Marzano’s experience and well-documented creativity will further enhance this development,” says Keith McLoughlin, president and CEO of Electrolux.

Marzano has had a long career at Royal Philips Electronics, for the past 20 years as chief design officer. Until 1998 he was a professor at the Domus Academy in Milan. In 1999 to 2001 he was a visiting professor at the polytechnic institute in Milan, Politecnico di Milano. Marzano is also the author and editor of several books on design and a frequent speaker at international design, business and innovation conferences. He is a member of the European Design Leadership Board as well as advisory councils in design schools around the world. He has received honorary doctorates in design from the Sapienza University of Rome and the Hong Kong Polytechnic University. In 2005, Businessweek named him one of four global “Best Leaders: Innovators.” Marzano holds a Doctorate in Architecture from the Politecnico di Milano.

Stefano Marzano will report to the CEO and be a member of Group Management. Henrik Otto, SVP global design, will remain in his current role and report to Marzano.

The appointment takes effect immediately.

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FINANCE

Tiffany’s U.S. holiday sales growth weakens, lowers guidance

BY Katherine Boccaccio

New York City — Tiffany & Co. reported Tuesday that sales growth weakened in the United States and Europe during the holiday season, although other regions experienced significant gains.

The company cut its yearly earnings guidance.

After five straight quarters of better-than-expected results, the jewelry retailer reported U.S. total revenue up 4% to $503 million and same-store sales up just 2%. Higher sales to tourists in the United States were offset by weaker spending by U.S. customers, said the company, and sales at its New York flagship store fell 1%.

In Europe, revenue edged up 1% to $117 million, and same-store sales fell 4%.

Online and catalog sales dropped 4% from the previous year.

However, total sales rose 7% to $952 million in November and December, helped by a 19% jump in the Asia-Pacific region and a 13% rise in Japan.

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