PriceSmart sales and profit rise in Q4
San Diego, Calif. — Warehouse club operator PriceSmart reported Wednesday that net income for the quarter ended Aug. 31 rose to $17.7 million from $12.7 million in the year-ago period.
Total revenue rose to $515.5 million from $447.4 million.
Vantiv strengthen mobile capabilities
Leading payment processor Vantiv said it signed an agreement to acquire Litle & Co., a leading mobile payment processor in a deal valued at $361 million.
According to Vantiv president and CEO, Charles Drucker, the deal makes sense because e-commerce is one of the fastest growing segments of payments.
"As our clients continue to expand their online presence to meet their consumers’ demands, they rely on us to meet their payments needs through our integrated processing platform," Drucker said. "The acquisition of Litle & Co. will enable us to offer leading, integrated products in high growth markets, allowing our clients to engage with their customers across multiple channels, with better visibility and increased simplicity."
Drucker indicated that Litle & Co. has built a premier e-commerce product in the market, which is supported by a talented leadership team. The combination of the two companies is said to create a differentiated product offering that will enable Vantiv to rapidly capitalize on market opportunities.
"Today’s agreement represents the beginning of a new chapter in our company’s evolution," said Tom Litle, president and CEO of Litle & Co. "By partnering with Vantiv, we are able to accelerate the development and distribution of the value added services Litle & Co. is known for and drive payments intelligence deeper into the operations of the world’s leading eCommerce and multi-channel merchants."
The deal is expected to close later this year at which time Litle & Co. will become a subsidiary of Vantiv and will maintain its location in Lowell, Massachusetts. Vantiv is headquartered in Cincinnati.
Clorox COO to retire; two SVPs to transition to EVP-COO roles
OAKLAND, Calif. — The Clorox Co. on Tuesday announced that COO Lawrence Peiros, 57, will retire from the company effective April 1, 2013.
Peiros, who joined Clorox in 1980 as a summer intern, was appointed a member of the company’s executive committee in 1999 and then to the COO role in 2007. He also oversees the marketing, sales, research & development and product supply functions as well as Clorox’s Eco office.
"Larry’s influence and leadership have been profound," said chairman and CEO Don Knauss. "He strongly led our businesses and core functions, helping to grow sales and market share over a multiyear period. Throughout his 32 years, Larry has been selfless in driving the success of the business and the organization. We are indebted to him for his many contributions and wish him the very best."
Effective Jan. 1, 2013, the company will move to a structure with two COOs. Benno Dorer, 48, currently SVP cleaning division & Canada, will be promoted to EVP and COO cleaning, international and corporate strategy. Dorer will have responsibility for the laundry, home care and international business units as well as take on responsibility for corporate strategy and growth.
George Roeth, 51, currently SVP specialty division, will be promoted to EVP and COO household and lifestyle. Roeth will have responsibility for the Charcoal, Glad, Litter, Food, Brita and Burt’s Bees business units. He will also have responsibility for the company’s core functions: marketing, sales, product supply and research & development.