OPERATIONS

Massmart CEO resigns

BY Dan Berthiaume

Sandton, South Africa – Grant Pattison, CEO of Massmart Holdings Ltd., a South African retailer that operates as a subsidiary of Wal-Mart, is resigning. Pattison, 43, will be replaced by Massmart COO Guy Hayward, 48, on June 1, as part of what the company terms a smooth succession plan.

Pattison joined Massmart in 1998 and was appointed CEO in 2007. He was CEO when Massmart sold a majority stake to Wal-Mart Stores Inc. Hayward has served with Massmart since 2000, receiving appointments as CFO in 2001 and COO in 2012.

“I have led a remarkable team and I am immensely proud of what we have accomplished during my tenure,” said Pattison. “The group is in good shape and well positioned for growth and I can think of no better time to hand over the reins. My successor is someone with whom I have worked closely and who has the skill and energy to take Massmart forward. I would like to congratulate Guy on his appointment and wish him well in his new role.”

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OPERATIONS

Tiffany’s general counsel to step down

BY Dan Berthiaume

New York — Patrick B. Dorsey, general counsel and secretary of Tiffany and Co. since 1985, has decided to retire from the company effective May 22. On that date, Leigh M. Harlan will be promoted to the position of senior VP, secretary and general counsel with responsibility for the company’s worldwide legal affairs.

Harlan will report to Michael J. Kowalski, Tiffany’s chairman and CEO. Harlan, 37, came to Tiffany in 2012 from Cravath, Swaine & Moore, a New York City law firm, where she practiced corporate, transactional and finance law.

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OPERATIONS

Overstock.com shuffles executives

BY Dan Berthiaume

Salt Lake City — Overstock.com CEO Patrick Byrne has relinquished his role as chairman of the company. In other moves, co-president Stormy Simon was named president of the online discount retailer.

Byrne will continue to serve as CEO, while current executive vice chairman Jonathan Johnson assumes the chairman responsibilities Byrnes has held since 2006.

In connection with these changes, Mark Griffin, senior VP and general counsel, has been named as corporate secretary, a position Johnson previously held. David Nielsen will continue in his role of co-president and his responsibilities within the firm will also be enlarged.

Byrne’s latest term as chairman of Overstock.com’s board of directors began in April 2006. Simon was elected to the board in May 2011. Johnson was elected to the board and named executive vice chair in May 2013.

"For 12 years Stormy has been our secret weapon," said Byrne. "Her ideas and her leadership have been crucial to Overstock’s success. I have long maintained that simply as a matter of good institutional design, the roles of chairman and CEO should be split. For that reason my father held the position for years, as much as his health and other duties permitted. It has been back in my hands for some years, but for the completion of many of the duties of chairman I have come to rely more and more on Jonathan Johnson, another long-termer at the company who has made enormous contributions in the areas of finance, legal, and government affairs, and who has also had, at one time or another, nearly every piece of the company reporting to him.”

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