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Turnaround Effort

All articles tagged with #turnaround effort

business2 years ago•2 min saved

Macy's CEO Jeff Gennette announces retirement.

Macy's CEO Jeff Gennette will retire in February 2022 after leading the company's turnaround effort for four years. He will be succeeded by Tony Spring, CEO of Bloomingdale's. Macy's CFO Adrian Mitchell will take on an expanded role as COO. Gennette spearheaded the Polaris turnaround plan, which involved accelerating digital growth, closing underperforming stores, and investing in the company's best stores. Macy's emerged from the pandemic with a smaller workforce and store footprint, but with less debt and a more modern, data-driven organization.

via CNBC|

#business #ceo #macys

business2 years ago•2 min saved

Toshiba accepts $15B buyout offer amidst scandal and doubts.

Toshiba has accepted a $15 billion tender offer from Japan Industrial Partners, a buyout fund made up of major banks and companies, which would allow it to go private and delist from the Tokyo Stock Exchange. The move comes as part of Toshiba's yearslong turnaround effort, following a sprawling accounting scandal in 2015 and the bankruptcy of its US nuclear arm Westinghouse in 2017. However, it is unclear if overseas activist investors, who own a significant part of Toshiba's shares, will be happy with the latest bid. The proposal still needs to go through regulatory reviews in several countries.

via The Associated Press|

#business #delisting #japan-industrial-partners