Corporate Governance

London -- Natalie Berg, global research director at Planet Retail, commented:

“As a branding expert, Lewis’ first task will be to define Tesco. Philip Clarke himself has admitted that the brand has baggage. It doesn’t stand for value, yet it doesn’t stand for quality, and without a clear proposition we fear that Tesco will continue to lose customers to more relevant and better-defined channels.

Loblaw, owner of the Joe Fresh brand, has promoted Mario Grauso to president of Joe Fresh. He was previously chief operating officer of the brand.

Grauso will continue to report to Joe Mimran, president of Joseph Mimran & Associates and creative director of Joe Fresh. In his new role, Grauso oversees business strategy, operations, marketing, international development, merchandising, sourcing and design functions at Joe Fresh.

Norwalk, Conn. -- GE Capital announced it is providing Brookstone, the product development company and specialty retailer, with a $115 million senior credit facility. The financing will be used to support the company’s recent acquisition by Sailing Innovation (Sailing) and general working capital needs.

Mahwah, N.J. - Dirk Montgomery, executive VP and CFO of Ascena Retail Group Inc. since January 2013, has accepted a position with a healthcare-related company based in Florida. Ascena has initiated a search process for a new CFO.

Montgomery has agreed to remain through the end of the summer. Randy Pearce, a member of Ascena’s board of directors, chair of the Audit Committee, and former CFO of Regis Corp. from 1998 to 2011, will increase his involvement in overseeing the company’s finance department during the transition.

Bentonville, Ark. – Wal-Mart Stores Inc. has reportedly invested $103 million in its Indian operations with the goals of expanding its wholesale store count and increasing its online presence there. According to the Wall Street Journal, Wal-Mart intends to increase wholesale store base in India from the current 20 to 70 in the next five years.

Melville, N.Y. – EconsumerServices, an online mediator between unsatisfied customers and e-commerce retailers, has signed JoTo PR as its public relations agency. JoTo PR will assist EConsumerServices in reaching its mass market of online consumers and making industry opinion leaders and government officials aware of the issue of fraud-related chargebacks.

Tantrum Street has added Roman Kikta, managing partner and founder of Mobility Ventures, to its board, where he will provide strategic guidance for the retail technology startup as it rolls out its Cartwheel Register mobile checkout app and Skip Wallet digital wallet app to the North American market.

Topeka, Kan. -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Wanamaker Shopping Center in Topeka, Kansas.  The regional shopping center was purchased for $18 million by Fort Wayne, Indiana-based Equity Investment Group.

The 269,875-sq.-ft. center is anchored by Big Kmart, Hobby Lobby, and Bed Bath & Beyond.