Corporate Governance

Amazon extends commitment to AI, drones
The United Kingdom is preparing for Amazon’s newest technology hub — a lab that will focus on innovations from artificial intelligence to machine learning. The online giant plans to open a new 60,000 sq. ft. development center in Cambridge this fall. The facility will have the capacity to employ more than 400 associates, including machine learning scientists, knowledge engineers, data scientists, mathematical modelers, speech scientists and software engineers.
Department store retailer names new finance chief
An executive from Avery Dennison Corp. is headed to Nordstrom. The retailer announced that Anne Bramman is joining the company as CFO effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison, where she has served as senior VP and CFO since 2015. She previously held the CFO position at Carnival Cruise Line, and was also CFO of Henri Bendel, a subsidiary of L Brands Inc.

PEBB acquires second Tennessee property

PEBB Enterprises has acquired Germantown Village Square in Memphis, its second property in Tennessee. The Boca Raton-based REIT paid $28 million for the 199,629-sq.-ft. mixed-use power center, which houses TJ Maxx, DSW, and Petco alongside office space predominantly occupied The West Clinic, a subsidiary of Baptist Memorial Health Services.
Study: Associates complain they can’t access necessary info

Despite retailer efforts to deliver information, store employees still struggle to access the information needed to complete tasks. In fact, 75% of decision makers said their employees frequently ask about procedures that are documented, and 73% indicated that critical information is scattered across many disparate locations.
Specialty flooring retailer completes IPO

The fast-growing Floor & Decor Holdings announced the closing of its initial public offering. The company’s shares are now trading on the New York Stock Exchange under the symbol “FND.” Founded in 2000, Floor & Decor is a multichannel specialty retailer of hard surface flooring and related accessories. It offers a broad in-stock assortment of tile, wood, laminate and natural stone flooring along with decorative and installation accessories.
Office supply giant optimizes pricing

Staples Australia and New Zealand is refreshing its pricing strategy. Staples Australia and New Zealand completes more than 80,000 deliveries daily for consumers and small businesses under 20 employees. However, the chain relied on a legacy-based monitoring tool to establish pricing metrics. To remain competitive in an increasingly omnichannel landscape — especially among business customers — the company was ready to revamp its pricing efforts.
Facebook soars in Q1, beats estimates

Mobile ads and solid user growth across its suite of apps contributed to a strong first quarter for Facebook. For the quarter ended March 31, revenue rose 49% to $8.03 billion, from $5.38 billion in the same period a year earlier. This surpassed analyst predictions of $7.83 billion. Based on this quarter’s earnings, Facebook has exceeded analyst expectations for eight straight quarters.
Report: Amazon steps up distribution network in India

Amazon is making new moves to support its expanding business in India. Specifically, the online giant is adding seven new warehouses — a move that will provide employment to about 4,000 people, according to The Times of India. Further, the company is planning to have 41 warehouses or fulfillment centers open by the end of June this year, the report said.
Study: Associates complain they can’t access necessary info

Despite retailer efforts to deliver information, store employees still struggle to access the information needed to complete tasks. In fact, 75% of decision makers said their employees frequently ask about procedures that are documented, and 73% indicated that critical information is scattered across many disparate locations.
Leadership shakeup, layoffs at Etsy

There’s been a couple of change in the C-suite of hand-made goods marketplace Etsy. The company said chairman and CEO Chad Dickerson is stepping down, to be succeeded as CEO by board member Josh Silverman, effective May 3. Fred Wilson, who has served as lead independent director of the Etsy board, since October 2014, will succeed Dickerson as chairman.
Staples continues to explore sale

Two private equity firms are “actively” exploring a buyout of Staples, according to a report by CNBC. Cerberus Capital Management and Sycamore Partners have emerged as the leading frontrunners pursuing a deal, the report said. While other private equity firms, including Clayton Dubilier & Rice LLC, Advent International Corp and Bain Capital LLC, held discussions with the retailer include, they appear to be walked back and are less interested in the deal.
Washington Spotlight: May Day Becomes International Day of Anger

Monday's May Day demonstrations across the country and world are yet another reminder that we are in a politically precarious position in this country. The intensity of anger within our populace far outweighs the ability of our government mechanisms to address it.