FINANCE

Ross Stores promotes exec to CFO

BY Dan Berthiaume

Dublin, Calif. – Ross Stores, Inc. has promoted Michael Hartshorn, 46 is being promoted to CFO, retaining his senior VP title, effective Feb. 2, 2014. Hartshorn will be responsible for the accounting, treasury, financial planning, tax, risk management and investor relations functions.

As CFO, he will continue to report to John Call, group senior VP, finance and legal, and corporate secretary. Hartshorn has been senior VP and deputy CFO of Ross Stores since January 2012. Prior to this, he was group VP, finance and treasurer from March 2011 to January 2012 and VP, finance and treasurer from April 2006 to March 2011.

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OPERATIONS

Deckers creates three senior positions

BY Dan Berthiaume

Goleta, Calif. – Deckers Outdoor Corporation has created three new senior management positions Dave Powers, currently president, global direct-to-consumer (DTC), has been promoted to president of omni-channel, reporting to the CEO.
In addition to continuing to oversee Deckers’ domestic DTC operations, he will also oversee all wholesale, distributor, retail and e-commerce channels in Deckers’ international regions. Deckers also promoted Constance X. Rishwain, president, UGG Australia to the additional role of group president fashion & lifestyle brands

The company has also initiated an executive search for a president of brands. Reporting to the CEO, the position will entail oversight of Deckers’ multi-brand portfolio, including working directly with each of the company’s brand presidents to drive best practices in merchandising, design and development, as well as effective global brand marketing across all channels, to grow global market share and increase profitability.

"The addition of these new senior management positions reflects the global expansion of our organization, the strength of our multi-brand portfolio and our transformation into a more consumer-centric organization emboldened by our evolving omni-channel strategy," said Angel Martinez, president, CEO and chair of the board of directors."

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SUPPLY CHAIN

Tile Shop investigation finds no wrongdoing in supplier relationship

BY Dan Berthiaume

Minneapolis – An internal investigation conducted by Dorsey & Whitney LLP, independent counsel to the Audit Committee of Tile Shop Holdings, Inc. has found no wrongdoing in Tile Shop’s relationship with Beijing Pingxiu, a Chinese export trading company formerly utilized by the company and some of its Chinese vendors.

The findings of the investigation concluded that while certain previously undisclosed related party relationships existed, there is no evidence that the company’s historical financial results have been misstated or that Tile Shop applied any improper accounting treatment with respect to its historical financial statements.

On Nov. 14, 2013, a report was published that alleged that Tile Shop had greatly exaggerated its true financial performance, failed to disclose Beijing Pingxiu as a material related party supplier, used Beijing Pingxiu to overstate inventories, understate cost of sales and overstate gross profits, purchased goods from Beijing Pingxiu at or near cost to achieve an artificial cost advantage, and overstated earnings. At least one class action suit was filed on behalf of shareholders following the report.

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