Lowe’s names successor to departing CIO
Mooresville, N.C. — Lowe’s Cos. said Thursday that executive VP and chief information officer Steven Stone is leaving the company in order to pursue other interests.
Lowe’s said it has named current executive VP store operations and Lowes.com Michael Brown as Stone’s successor.
Brown will report to chairman and CEO Robert Niblock.
Amazon buys European movie rental service Lovefilm
New York City — Amazon.com said Thursday it is buying Lovefilm, a European movie rental service akin to Netflix, according to a report by the Associated Press.
Terms of the acquisition were not disclosed.
Lovefilm operates in the United Kingdom, Germany, Sweden, Norway and Denmark. Much like Netflix, it is a subscription-based service through which people can rent movies by mail or watch them on TV or any other device with a high-speed Internet connection. The company also offers TV shows and games.
Amazon already has an on-demand service that lets people rent movies by streaming. However, it does not send movies in the mail, as Lovefilm and Netflix do.
Arby’s chain to be sold
Dublin, Ohio — Wendy’s/Arby’s Group said Thursday it plans to sell off its struggling Arby’s quick-serve chain to focus on the Wendy’s hamburger business.
The two fast-food chains were combined when Triarc Cos., Arby’s parent, bought Wendy’s for $2.2 billion in 2008 to create the third-largest publicly held fast-food chain.
Arby’s generated about 30% of the company’s sales in its third quarter.
At least one analyst feels the sale could bring in $400 million to $600 million.