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Wal-Mart (NYSE: WMT) Taps Castro-Wright As CEO Of Global.com, Simon Steps In As US CEO
Posted by: | CommentsWal-Mart announced Tuesday changes at the Chief Executive level for two of its units. The retail giant appointed Vice Chairman Eduardo Castro-Wright as the president and CEO of Global.com and Global Sourcing, while also promoting Bill Simon to CEO of Wal-Mart U.S.
Castro-Wright, 55, spent three years as the CEO of Wal-Mart de Mexico before coming on the Wal-Mart U.S. executive team. He became vice chairman in late 2008, handling U.S. retail centers and procurement operations. He will hold this position till August 1, then transition to the new role.
“As we continue to become a truly global company and address the business challenges of a rapidly changing world, it is clear that Global.com and Global Sourcing are critical to our future growth and success,” said President and CEO Mike Duke. “We are fortunate to have someone as strategic and knowledgeable as Eduardo leading the teams to drive these initiatives forward at a faster pace.”
Simon, 50, is being promoted from Chief Operating Officer at Wal-Mart U.S. Previous to that he led the global business division at Chili’s Grill.
“Bill is a strong leader who has made a positive difference from his first day at Walmart,” added CEO Duke. “Bill transformed the customer experience at Walmart through faster service, a friendlier shopping environment and cleaner stores.”
The two men re-upped their contracts earlier this year, signing two-year non-compete deals with the company.
This article (Wal-Mart (NYSE: WMT) Taps Castro-Wright As CEO Of Global.com, Simon Steps In As US CEO) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
Shares of Altria Group (NYSE: MO), parent of Phillip Morris USA, and Reynolds American (NYSE: RAI) both jumped more than 3 percent on Monday after the Supreme Court rejected appeals by the government on a suit that sought out upward of $280 billion of profits from the tobacco industry to cover health damages, along with another $10 billion for anti-smoking efforts.
The decision upholds a lower court’s decision that denied the disgorgement of profits. The ruling provided a favorable boost for the industry as investors no longer have to worry about the government’s suit costing cigarette makers billions.
However, the Supreme Court also rejected an appeal by tobacco industry leaders that sought to reverse a decision made by a lower court on racketeering charges. The industry was found guilty for violating federal racketeering laws by conspiring for years to lie while knowingly selling products they knew were a health risk.
The decision, which restricts the way tobacco companies can advertise and market their products is not viewed as a big loss for the industry as the Food and Drug Administration (FDA) has authority to regulate those efforts now.
This article (Altria Group (NYSE: MO), Reynolds American (NYSE: RAI) Shares Jump On Supreme Court Appeal Rejection) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
Apple (NSDQ: AAPL) iPhone 4 Sales Exceed 1.7 Million
Posted by: | CommentsApple Inc. (NSDQ: AAPL) announced Monday that it sold more than 1.7 million iPhone 4s in the first three days after putting the device up for sale, easily topping the record set by previous version of the device. The iPhone 4, which is the thinnest smartphone on the market, offers video calling, a high definition video-camera and 40 percent longer talk time. The device went on sale Jun. 24 in the U.S., Japan and the U.K.
“This is the most successful product launch in Apple’s history,” said Steve Jobs, Apple’s CEO. “Even so, we apologize to those customers who were turned away because we did not have enough supply.”
Many reports have stated that Apple is struggling with supply shortages on parts, such as the high resolution screen used on for the device.
The sales record was attained despite selling out at many locations and receiving a bevy of complaints over the devices reception, which leads to dropped calls if a user held their hand over the bottom left corner of the iPhone 4.
Sales of the iPhone 4 have easily exceeded the record set last year by the iPhones 3Gs, which sold 1 million units in the first three days.
The iPhone 4 is priced at $199 for the 16 gigabyte model and $299 for the 32 gigabyte model.
This article (Apple (NSDQ: AAPL) iPhone 4 Sales Exceed 1.7 Million) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.