OPERATIONS

JPMorgan Chase exec joins Nordstrom board

BY Gina Acosta

Nordstrom is adding some financial expertise to its board with its latest appointment.

The Seattle-based retailer has appointed Gordon Smith, CEO of Consumer and Community Banking at JPMorgan Chase, to the company's board of directors. The addition of Smith brings the total number of directors to 15 and the number of independent directors to 12. Nordstrom directors serve one-year terms and the company requires annual elections of all Board members. Smith will join the Compensation and Corporate Governance and Nominating Committees.

"Gordon's extensive experience leading customer-focused businesses in a highly competitive industry further strengthens the already strong and diverse expertise on our Board," said Enrique Hernandez, Jr., chairman of the board of directors for Nordstrom. "We look forward to his contributions and are confident his input will benefit our Board and management team as we work to extend our reputation with customers and shareholders alike."

In 2012 Smith was named CEO of Consumer and Community Banking, a leading provider of financial services serving 66 million consumers and four million small businesses. Smith joined Chase in 2007 as CEO of Card Services and later added Merchant Services and Auto Finance. Previously Smith spent more than 25 years at American Express where he led several businesses including the U.S. Domestic Consumer Card Business and from 2005 until 2007 the Global Commercial Card business. Smith is a member of the JPMorgan Chase Operating Committee and also serves on the Board of Directors of Choice Hotels International, Inc.

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OPERATIONS

Sports Authority vet leaves for Ollie’s Bargain Outlet

BY Gina Acosta

Ollie's Bargain Outlet Holdings Inc. is looking to a Sports Authority executive to fill the newly created position of senior VP of finance and chief accounting officer.

The company has named Jay Stasz to the position, which will report to John Swygert, Ollie's executive VP and CFO.

"We are pleased to welcome Jay to our family," said Mark Butler, chairman, president and CEO. "With his strong finance, accounting and retail experience, we believe that Jay, in this newly created position, expands our executive and finance teams, and we look forward to his contributions as we grow."

Stasz comes to Ollie's following 17 years with Sports Authority, where he held several positions. Prior to joining Sports Authority, Jay worked for Deloitte.

Ollie's operates 202 store locations in 17 states across the Eastern half of the United States.

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Update on EMV migration

BY Marianne Wilson

EMV adoption by consumers is on the rise, even as merchants are struggling to catch up.

Those are among the key findings of a survey by Ingenico Group, which found that 60% of U.S. cardholders have received EMV cards from their banks/card issuers.

Out of the U.S. cardholders who have both EMV and magstripe cards, 54% prefer magstripe cards over EMV cards, with 44% attributing their preference to habit.

For more, click on the infographic below:

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