Corporate Governance

Merchant Commerce Exchange (MCX), the retailer consortium that formed to create a rival mobile payment service to Apple Pay, is pulling the plug on pilot tests of its CurrentC app. MCX also announced layoffs in May 2016 and despite public claims to the contrary, appears to be shelving CurrentC permanently.

According to Jason Del Rey of Re/Code, this outcome was never in doubt.
 

Specialty apparel retailer Christopher & Banks Corp. is not out of the red, but headed in the right direction during the first quarter of fiscal 2016.
 
The company reported net loss of $0.2 million, down from a net loss of $1.4 million the same quarter the previous fiscal year. Improved gross margin helped shrink the loss. Net sales totaled $100 million, an increase of 9%, compared to $91.6 million.

Walgreens Boots Alliance is making a number of changes to its senior management roles and responsibilities as part of what the company is calling the “next phase of evolution.”
 
Alex Gourlay, executive VP of Walgreens Boots Alliance and president of Walgreens, and Ornella Barra, executive VP of Walgreens Boots Alliance and president and chief executive of global wholesale and international retail, have been appointed to the role of co-CEOs.
 

New York City-based RCS Real Estate Advisors has announced a bid deadline of June 16, 2016 for the remaining available leases of retailer Hancock Fabrics.
 
RCS began the process of selling the retailer's leases following Hancock Fabrics' February bankruptcy announcement. Hancock Fabrics operated 250 retail stores in 37 states when it filed for Chapter 11 bankruptcy protection on Feb. 2, 2016. Spence Mehl, senior VP of RCS, made the announcement.
 

The National Retail Federation (NRF) is pleased so far with how many members of the House and Senate have reacted to the proposed new Labor Department rule that would expand overtime eligibility for employees.

David French, senior VP for government relations, NRF, released the following statement on the hearing by the House Education and Workforce Committee on the proposed rule:

Jane Hamilton Nielsen, who just left her position as CFO of Coach Inc. to pursue other opportunities, is not waiting long to make her new role known.

According to Fortune, Ralph Lauren is expected to announce Nielsen’s hiring as its new CFO. She would replace current Ralph Lauren CFO Robert Madore, who has held that title since April 2015.

A veteran creative executive is coming back to Under Armour in a new role, following a short hiatus.
 
Dave Dombrow, former Under Armour senior VP, creative footwear and accessories, will return to the brand as chief design officer, beginning Aug. 1, 2016. In his newly created role as chief design officer, Dombrow will guide the design of Under Armour's entire collection of footwear, apparel and accessories.

Tracy Borchardt has been promoted from senior project manager to associate VP of architecture firm CMA.
 
Borchardt joined CMA in 2003 as a project coordinator. In 2006, he was promoted to senior project manager. As of June 2016, he is now the associate VP of CMA.