Sean John names Jeffrey Tweedy to top role
NEW YORK, N.Y. — Sean John Corporate has named Jeff Tweedy as the fashion brand’s new president, effective immediately. Tweedy will report directly to Sean John chairman and founder Sean "Diddy" Combs, and will be responsible for all aspects of the company’s operations, including strategic brand development, design and all the Sean John licensing and retail partners.
Tweedy most recently served as Sean John’s EVP, and has been with the company since its founding in 1998. Tweedy left Sean John in 2005 to serve at G-III Apparel Group as president of the company’s sportswear division for two years, during which time he developed the Exsto brand exclusively for Walmart. Tweedy returned to Sean John in late 2007.
"Jeff has been with Sean John since the very beginning and I am confident that he is the right person to lead Sean John into the future. Jeff has laid out a clear vision and strategy for the brand and I have seen the positive changes he has made alongside the great team we have assembled here," said Sean "Diddy" Combs.
"This is a great opportunity and a new challenge for me. I have dedicated much of my professional career to the Sean John brand and I am very proud of where it stands today with more work to be done. I am excited to continue my relationship with Sean while utilizing his marketing genius and his design inspirations to build this brand into an international powerhouse. I am equally excited to continue working with our retail partners with whom I enjoy incredibly strong and longstanding relationships," added Tweedy.
Dick’s Sporting Goods debuts sweepstakes, online promotion
PITTSBURGH, Pa. — Dick’s Sporting Goods has announced its first-ever "Get Winter Ready" consumer promotion.
Dick’s has teamed up with The North Face and Columbia Sportswear as part of the program’s sweepstakes, and will be giving away two one-of-kind prize packages. One includes a chance to join professional skier Tom Wallisch at the Winter X Games in Aspen, Colo., and the other offers a VIP experience at the 2013 FIS Freestyle Ski World Cup in Park City, Utah.
Dick’s will award the two sweepstakes packages on Dec. 12 to contestants who compete in an online interactive game at www.GetWinterReady.com or who enter online or via regular mail.
The Columbia Sweepstakes Package, where the winner will attend the World Cup Freestyle skiing events at Deer Valley Resort, includes Columbia gear, first class roundtrip airfare to Park City, Utah (Jan. 31-Feb 3, 2013), accommodations for four days and three nights. It has a $17,500 value.
The North Face Sweepstakes Package offers the winner a chance to ski with Tom Wallisch and enjoy a VIP evening at the Powder Video Awards. The package includes access to The North Face VIP Lounge during the 2013 Winter X Games in Aspen, Colo. (Jan. 23-27, 2013), accommodations for four nights, first class roundtrip airfare and The North Face gear. It has a $22,500 value.
Dick’s will also offer five exclusive "Adventures of a Lifetime" packages for purchase that include unique gifts and one-of-a-kind experiences sponsored by Burton/MINI Cooper, KOPPEN, Marmot, Mountain Hardwear and Spyder/Audi.
From now through Dec. 1, consumers can enter for a chance to win one of the prize packages by visiting www.GetWinterReady.com and competing in an interactive online game. Participants are transported online to a cabin in the mountains where four young adventure seekers are waking up. Through the eyes of a character, users pan the room to find hidden clothing and other items to prepare for the adventure of the day. The faster the participants complete their adventure, the greater the number of entries they can earn toward the chance of winning one of the two sweepstakes packages.
"We are thrilled to partner with this great lineup of top outdoor brands to offer our customers these amazing opportunities to win or purchase an ‘Adventure of a Lifetime’ this winter," said Lauren Hobart, CMO at DICK’S Sporting Goods. "We encourage customers to play the state-of-the-art ‘Get Winter Ready’ online game for a chance to win an incredible experience."
No purchase necessary to participate. For full details and sweepstakes rules, go to www.GetWinterReady.com.
What a mess: Walmart’s incredible expanding corruption investigation
Walmart had as much tosay about an ongoing and expanding investigation into alleged violations of the U.S. Foreign Corrupt Practices Act in its third quarter filing with the Securities and Exchange Commission as itdid aboutits actual financial results.
According to Walmart, the audit committee of the board of directors, comprised solely of independent directors, is conducting an internal investigation into, among other things, alleged violations of the FCPA and other alleged crimes or misconduct in connection with foreign subsidiaries, including Wal-Mart de México, S.A.B. de C.V. and whether prior allegations of such violations and/or misconduct were appropriately handled by the company. The audit committee and the company have engaged outside counsel from a number of law firms and other advisors who are assisting in the on-going investigation of these matters. The company is also conducting a voluntary global review of its policies, practices and internal controls for FCPA compliance. The company is engaged in strengthening its global anti-corruption compliance programs through appropriate remedial anti-corruption measures following the November 2011 voluntarily disclosure of investigative activity to the U.S. Department of Justice and the SEC.
The disclosure that got peoples’ attention on Thursday morning was that since the implementation of the global review and the enhanced anti-corruption compliance programs, the audit committee and the company have identified or been made aware of additional allegations regarding potential violations of the FCPA.
When such allegations are reported or identified, the audit committee and the company, together with their third party advisors, conduct inquiries and when warranted based on those inquiries, open investigations. Inquiries or investigations regarding allegations of potential FCPA violations have been commenced in a number of foreign markets where we operate, including but not limited to Brazil, China and India.
The company has been informed by the DOJ and the SEC that it is also the subject of their respective investigations into possible violations of the FCPA. The Company is cooperating with the investigations by the DOJ and the SEC. A number of federal and local government agencies in Mexico have also initiated investigations of these matters. Walmex is cooperating with the Mexican governmental agencies conducting these investigations, according to the company.
In addition, lawsuits relating to the matters under investigation have been filed by several of the company’s shareholders against it, certain of its current directors, certain of its former directors, certain of its current and former officers and certain of Walmex’s current and former officers.
Walmart went on to say, as it has in the past, that the company could be exposed to a variety of negative consequences as a result of the matters noted above. There could be one or more enforcement actions in respect of the matters that are the subject of some or all of the ongoing government investigations, and such actions, if brought, may result in judgments, settlements, fines, penalties, injunctions, cease and desist orders, debarment or other relief, criminal convictions and/or penalties. The shareholder lawsuits may result in judgments against the company and its current and former directors and officers named in those proceedings.
The part that is unnerving to investors, is that Walmart said it cannot predict at this time the outcome or impact of the government investigations, the shareholder lawsuits, or its own internal investigations and review. In addition, the company expects to incur costs in responding to requests for information or subpoenas seeking documents, testimony and other information in connection with the government investigations, in defending the shareholder lawsuits, and in conducting the review and investigations.
So far this year, the legal bill is already up to $99 million.
Walmart also noted that matters described above may require the involvement of certain members of the company’s senior management that could impinge on the time they have available to devote to other matters relating to the business. The company expects that there will be ongoing media and governmental interest, including additional news articles from media publications on these matters, which could impact the perception among certain audiences of the company’s role as a corporate citizen.
The company’s process of assessing and responding to the governmental investigations and the shareholder lawsuits continues and the review, inquiries and investigations are on-going. Although the company does not presently believe that these matters will have a material adverse effect on its business, given the inherent uncertainties in such situations, the company can provide no assurance that these matters will not be material to its business in the future.