Tiffany announces executive personnel shifts
New York City — Tiffany & Co. reported Thursday that it has shuffled responsibilities among two of its executive officers, effective immediately.
Patrick F. McGuiness, 45, has been appointed senior VP and CFO. He joined Tiffany in 1990 and has held a variety of management positions within the finance and merchandising divisions. He was promoted to senior VP finance in 2007, and the new appointment adds responsibility for the retailer’s investor relations program.
James N. Fernandez, 55, has been appointed to the newly created role of COO, having served as CFO since 1989 and was promoted to executive VP and CFO in 1998.
Staples unveils plans for smaller stores
Framingham, Mass. — Staples has revealed plans to shrink its overall store footprint and grow its break rooms as a means to lower costs and increase sales productivity.
In a presentation to analysts at a Jefferies & Co. conference in New York City on Wednesday, Staples U.S. president Demos Pareros said new stores will be about 15,500 sq. ft. to 16,000 sq. ft., down from the current prototype of 18,000 sq. ft. and the 2000 prototype of 24,000 sq. ft.
Jefferies analysts reported from the conference that while Staples has been closing struggling stores, they don’t believe mass closures are on the horizon. The analysts said Staples managers said they can recoup 50% or more of sales lost when a store closes because customers will instead buy online or go to another Staples store nearby. The analysts also said Staples plans to offer more tablet computers and, in hopes of improving sales productivity, expand its break rooms.
Two new executives join RILA board
WASHINGTON — The Retail Industry Leaders Association announced that Louis D’Ambrosio, president and CEO of Sears Holdings and Joseph DePinto, president and CEO of 7-Eleven, have been named to its board of directors.
“We are honored to welcome Joe and Lou to the RILA Board. They join a highly engaged group of chief executives who provide RILA with invaluable strategic leadership and knowledge to help RILA deliver on behalf of the retail industry," said RILA president Sandy Kennedy. “Their experience and industry know-how will add to what is already a stellar Board.”
D’Ambrosio has served as Sears Holdings CEO and president since February. He served as the president and CEOof Avaya Inc. from July 2006 to June 2008. He also served as a director of Avaya from November 2006 to June 2008.
DePinto leads the premier company in convenience retailing. 7-Eleven, Inc. is the operator, franchisor and licensor of more than 38,400 stores worldwide, of which some 8,200 stores are in North America. Before being appointed chief executive of 7-Eleven in 2005, DePinto was president of GameStop. He also has held executive positions at PepsiCo, Inc. and Thornton Oil.