Hello and good day!
Several changes at the top level have captured our attention today. Best Buy, Target and Ebay are announcing new leadership roles, while Snapdeal, Morrisons and P&G have to say good bye to some bosses. Read about these management developments, exclusive marketing deals and a lot more.
asia & australia
Tesco faces impairment charge Britain's biggest retailer is set to reveal major writedowns as it battles fall in sales and profit. The supermarket group is facing a GBP 3 billion impairment charge on its property in annual results later this month, the biggest seen in the industry to date.
usa & canada
Leadership reshuffles Electronics retailer Best Buy says Chairman Hatim Tyabji will retire and President and CEO Hubert Joly will become its chairman +++ Target has named grocery and consumer packaged goods veteran Anne Dament to the role of senior Vice President +++ P&G Chief Executive A.G. Lafley (paywall) is said to step down soon and hand the top job to an internal successor.
Coborn's acquires Marketplace Foods Supermarket chain Coborn's is expanding in Wisconsin, purchasing Marketplace Foods, owner of grocery and liqour stores. Coborn's operates 52 stores under the banners Coborn's, Cash Wise Foods and Save-A-Lot.
developments to watch
Pepsi signs exclusive marketing deal The National Basketball Association is trading Coke for Pepsi. The league struck a new marketing partnership with Pepsico, ending a 28-year partnership with Coca-Cola.
Walton family sells Walmart stakes Walton Enterprises, the corporation which holds Walmart stock for the Walton family, plans to sell off some of its ownership stake in the discount giant.
A fast growing retail segment British consumers are set to spend GBP 53.6 billion a year using their smartphones and tablets by 2024, compared with GBP 9.7 billion spent today, according to new research by Barclays.