Finance & Capital Management

Cupertino, Calif. -- Apple announced late Wednesday that its CEO Steve Jobs has resigned his post, effectively immediately, to be succeeded by current COO Tim Cook.

Jobs, the visionary whose contributions created the world’s most innovative technology company, is battling pancreatic cancer and has received a liver transplant. Concerns about his health led to his decision to resign.

MALIBU, Calif. — U.S. toymaker, Jakks Pacific announced the appointment of Jack McGrath as COO.

DENVER and MONTREAL — Molson Coors Brewing Company announced that Torsten Kuenzlen, formerly president director of Coca-Cola’s Indonesia region, has joined as Molson Coors International's new CMO. Celso White, former VP and general manager, Americas concentrate operations at PepsiCo, has joined as MCI’s new chief supply chain Officer. In addition, Lee Reichert, formerly a partner with Lathrop & Gage LLP, has joined MCI as general counsel. All of the executives will be based in Denver, Colo.

QUINCY, Mass. — J. Jill, a leading multi-channel specialty retailer of women's apparel based in Quincy, Mass., announced that it has appointed Scott Edmonds to its board of directors.

Edmonds most recently was the chairman and CEO of Chico's FAS, where he led the company's growth from $155 million in sales and 200 locations to $1.5 billion and 1,076 locations over a ten year period.

Washington, D.C. -- The National Retail Federation welcomed plans announced by the Obama Administration Tuesday to streamline hundreds of government regulations, but said the plan does not go far enough.

By Liana Hill, [email protected]

New York City -- RCS Real Estate Advisors announced that Moe Puri has been promoted to VP from assistant VP.

A member of the RCS Real Estate Advisors team since 2008, Puri’s primary responsibilities included re-negotiating leases on behalf of clients. He has since elevated his expertise and, as a VP, is managing several key client real estate portfolios.

Birmingham, Ala. -- Books-A-Million on Tuesday reported a second-quarter loss of $2.9 million, compared with a net income of $1.9 million in the year-ago period. The chain faulted lower sales as consumers move away from traditional books and pressure from the liquidation sales Borders Group is conducting.

Revenue fell 11.4% to $106.4 million from $120 million last year. Same-store sales fell 12.9%.

Woonsocket, R.I. -- CVS Caremark said its board has approved a $4 billion stock repurchase program and that it intends to complete an earlier $2 billion program before the end of this year.

Under the new authorization, the retailer said it expects to repurchase about $1 billion in shares by the end of the year.
 

Pittsburgh -- American Eagle Outfitters' second-quarter net income more than doubled to $19.7 million from $9.7 million in the year-ago period. The teen retailer credited the jump on increased revenue, growing online sales and fewer markdowns.

Revenue for the period ended July 30 rose 4 percent to $675.7 million from $651.5 million, surpassing Wall Street's $652 million estimate. Same-store sales were flat compared with a 1% decline in the prior-year period.