Corporate Governance

San Francisco – Sabrina Simmons has been elected to the board of directors of Williams-Sonoma Inc. Simmons has served as executive VP, CFO of Gap Inc. since January 2008.

Matthews, N.C. – Howard Levine, CEO of Family Dollar Stores Inc., reportedly plans to sell between one and two million shares of company stock in the next 10 days. According to the Charlotte Business Journal, Levine filed his intention to make the sale with SEC.

Clearwater, Fla. – Cost of sales did not grow in pace with revenue growth during the first quarter of fiscal 2015 at MarineMax Inc., resulting in a higher gross profit that helped produce net income of $214,000. This compares to net loss of $3.36 million the same period a year earlier.

Sunnyvale, Calif. – Yahoo Inc. plans a tax-free spin-off of its remaining holdings in Alibaba Group. The spinoff will create an independent registered investment company called SpinCo.

Stock of the new company will be distributed pro rata to Yahoo shareholders, resulting in SpinCo becoming a separate publicly traded company. Following the spin-off, Yahoo will continue to operate its core business and hold its 35.5% interest in Yahoo Japan.

A bigger push to sell its offerings online helped drive record sales in 2014 for Swedish retailer Hennes & Mauritz, as well as prompt expansion plans for the retailer. 

The Stockholm-based retailer said net profit rose 17% to $760 million in 2014, ahead of analysts’ forecasts. Same store sales increased 26% in 2014, the retailer reported.

By Amy ter Haar

Katy, Texas – Academy Sports & Outdoors will use cash wraps from manufacturing company Pan-Oston. Academy currently operates more than 185 stores in 15 states.

Academy operates over 185 stores In 15 states.  
 

Barcelona – Spain-based apparel retailer Mango has recruited Toni Ruiz to become its new CFO effective mid-February. Ruiz, 45, will sit on Mango’s board of directors.

Ruiz has spent much of his professional career at Leroy Merlin, part of Groupe Adeo, where he has worked from 1999 until now, occupying various positions, including financial management in Spain and control and planning at international level.