Wal-Mart names India president
Bentonville, Ark. – Wal-Mart Stores has named a new president and CEO of its Indian operations. According to multiple media reports, Krish Iyler, who has been a senior VP in Wal-Mart’s international unit since January 2013, will assume his new role on Jan. 20. 2014.
Iyler replaces Ramnik Narsey, who has run Wal-Mart’s Indian business on an interim basis since the company’s former Indian CEO Raj Jain left in June 2013 without public explanation. Wal-Mart currently operates 20 wholesale stores in India and is attempting to find a local partner to open supermarkets with, as required by Indian regulations. In October 2013, Wal-Mart put its ambitious expansion plans in India on hold indefinitely when discounter and its joint venture partner in India, Bharti Enterprises, parted ways after six years.
Report: Penney cutting back on Joe Fresh, Michael Graves and Martha Stewart
New York — J.C. Penny will eliminate the jcp menswear brand and reduce the assortments in its Joe Fresh, Michael Graves and Martha Stewart lines, Reuters reported. All four brands were introduced by former CEO Ron Johnson. Penney plans to use the resulting space to emphasize its exclusive private-label brands.
Starting in January, Penney will shrink its Joe Fresh in-store shops and reduce the assortment, the report said, moving the shops away from the front entry to give a more prominent spot to the chain’s own a.n.a and jcp women’s wear collections.
“What we now need is to edit things out that didn’t resonate sufficiently," CEO Mike Ullman told Reuters in an interview.
In candid comments, Ullman said, "We don’t have six or seven years to get our business back. Half of our business has to be brands that we can produce profitably."
Report: MasterCard expanding headquarters; to open tech lab in NYC
New York — MasterCard plans to expand its world headquarters in Purchase, N.Y., suburbs and open a technology lab in Manhattan, the Associated Press reported.
The report said that MasterCard is investing several million dollars to open a new mobile e-commerce technology lab in New York City, which will lead to 122 new research and development and software jobs in Manhattan.