#BoardOfDirectors New leadership takes over MUHC board of directors – Globalnews.ca http://bit.ly/2xhOLt8
— Muzaffaruddin Alvi (@Muzaffar1969) September 20, 2017
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Twenty Practical Steps to Better Corporate Governance | The Corporate Secretaries International Association (CSIA) Please click the li...
#BoardOfDirectors New leadership takes over MUHC board of directors – Globalnews.ca http://bit.ly/2xhOLt8
— Muzaffaruddin Alvi (@Muzaffar1969) September 20, 2017
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#BoardOfDirectors MYnd Analytics Appoints Peter Unanue to Board of Directors – GlobeNewswire (press release) http://bit.ly/2yqUvkl
— Muzaffaruddin Alvi (@Muzaffar1969) September 20, 2017
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Sears said Tuesday it’s cutting 400 jobs at corporate offices as it works towards a goal of reducing costs by $1.25 billion in fiscal 2017.
The cuts will primarily affect workers at Sears’ headquarters in Hoffman Estates, Illinois.
In an email to corporate employees on Tuesday, Sears CEO Eddie Lampert said the company is parting with three senior executives as a result of the cuts, including Stephan H. Zoll, president of online; David Pastrana, president of apparel; and Eric Jaffe, senior vice president of Shop Your Way.
The move comes one week after the retailer revealed it was closing 65 more Sears and Kmart stores, in addition to the 180 closures announced earlier this year.
Sears has also been eliminating store-level positions this year, as well as slashing hours for its part-time workers.
“We are making progress with the fundamental restructuring of our operations that we initiated in February,” Lampert said in a statement Tuesday. “We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization.”
The company said it has achieved $1 billion in cost cuts so far this year and is on track to meet its goal of $1.25 billion in savings by the end of the year.
Lampert announced the layoffs to corporate employees on Tuesday with the following email:
“As you are aware, in February we initiated a strategic restructuring effort to become a more agile and competitive retailer with a clear path toward profitability. As part of our efforts to simplify our organizational structure, today, we are announcing the difficult decision to eliminate approximately 400 full-time positions at our corporate offices and support functions, in addition to certain positions related to our field operations. Accordingly, the following members of the executive leadership team will be departing the company after a brief transition and we wish them well for the future:
• Stephan H. Zoll, President of Online;
• David Pastrana, President of Apparel; and
• Eric Jaffe, Senior Vice President of Shop Your Way
We highly value the support of all our associates and sincerely thank you for your contributions toward our goals. We are deeply committed to treating those impacted by today’s announcement with the utmost dignity and respect and helping them as they manage their career transition. We will be providing compensation severance and transition assistance for those who are eligible. You should know that the company first eliminated open positions and reduced contract employees in order to minimize the impact on full-time employees.
These organizational changes are in addition to the store closures we initiated last week as we continue to right-size our store footprint and inventory needs in preparation for the upcoming holiday season. Together, these restructuring actions will bring us very close to our goal of achieving $1.25 billion in cost savings by the end of the fiscal year – one of the critical steps we are taking to improve our operational performance.
While we will continue to take all necessary steps to return to profitability, we want to emphasize that our integrated retail strategy will remain driven in part by our brick-and-mortar locations and the hard work of our dedicated associates. To be clear, our company is continuing to fight to become a more competitive and agile retailer. If we keep working toward our transformation goal together, we believe we will return our company to long-term profitability while providing real value to our members.
As a leadership team, we are highly aware that it’s difficult to see friends and co-workers leave the company, but we truly believe these difficult steps will help align our cost structure with the size of the company today.
I want to thank all of you for your continued commitment to improving the performance of our company. We will continue to be open and transparent about our restructuring actions and welcome all questions or feedback from you.”
Do you work at Sears or Kmart and have a story to tell? Email this reporter at hpeterson@businessinsider.com
SEE ALSO: Sears is suing another tool vendor it says is cancelling its contract after 50 years
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NOW WATCH: 7 colors that might get you sued
June 14, 2017 at 12:23AM
from Hayley Peterson
A digital currency for the legal marijuana industry is soaring after it sponsored Dennis Rodman’s trip to North Korea.
Potcoin is a digital cryptocurrency — much like bitcoin — that was specifically developed to remove the need for cash transactions between marijuana consumers and dispensaries.
If Potcoin was going for publicity, it certainly paid off: Potcoin’s value soared almost 97% to over 18 US cents on Tuesday.
Marijuana is illegal under federal law, so the majority of banks won’t take cash or open lines of credit for marijuana businesses.
Rodman was photographed wearing a Potcoin T-shirt as he arrived in North Korea.
SEE ALSO: Dennis Rodman’s trip to North Korea is sponsored by Potcoin, a digital currency for weed
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NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy
June 14, 2017 at 12:23AM
from Jeremy Berke
|
Financial services and banking news update – 9 June 2017
Lexology (registration) … on the proposed Regulation amending the Capital Requirements Regulation (CRR) as regards the transitional period for mitigating the impact on own funds of the introduction of International Financial Reporting Standard 9 (IFRS 9) and the large … |
June 14, 2017 at 12:14AM
from
Charlie Helps FRSA retweeted:
Netflix shareholder approve proposals on proxy access, annual director elections http://ift.tt/2sx4DVL #ESG #CorpGov
June 14, 2017 at 12:10AM
https://twitter.com/HelpsCharlie/status/874705362053734405
from Charlie Helps FRSA
Netflix shareholder approve proposals on proxy access, annual director elections https://t.co/iu4wKqDbyw #ESG #CorpGov
— Amy Resnick (@AmyResnick) June 13, 2017