Posted by Shirley Brady on November 30, 2012 01:28 PM
Eastman Kodak announced this week that it had the financing in place "to successfully execute its remaining reorganization objectives and emerge from Chapter 11 in the first half of 2013." Today, Kodak chairman and CEO Antonio M. Perez updated the progress toward that goal since filing for Chapter 11 bankruptcy protection in January.
Perez, in the video above, discusses the four areas Kodak has been working on during this Chapter 11 reorganization period: resolving legacy costs and issues in the US around retiree pension benefits, with an agreement reached in October and downsizing of its US workforce; "increase liquidity in the US," its biggest cost center and lowest profit center (with $1B in sales outside America); selling off non-strategic IP and patents; and "focusing on our most valuable businesses" — namedly, commercial imaging, as it moves away from its consumer businesses.
"This is a difficult process," he states. "Neither our employees, customers or suppliers doubted why we were doing what we're doing, and they've been there with us all the way. So thank you, thank you all."
Posted by Sheila Shayon on September 27, 2012 03:02 PM
Big moves are afoot at Yahoo!, where new CEO Marissa Mayer this week outlined her strategy for a new era at the company she joined from Google in July. In an all-hands meeting Tuesday at the company’s Sunnyvale, California headquarters, Mayer outlined her vision for personalizing the Web for users, from content to email to ads, while expanding that user base, talent pool (witness her new CFO hire, "Silicon Valley legend" Ken Goldman) and advertiser partners.
Articulating her vision of "four C's" (Culture, Company goals, Calibration and Compensation), Mayer wants Yahoo! "to become something users touch every day," according to Business Insider, and to achieve that, the company must move more quickly, with employees having more ownership over and resources for their projects which will be approved only if they have the potential to scale to 100 million users or $100 million in revenue. As AllThingsD detailed, Mayer also spoke of more "acqui-hires," buying small companies for tech talent rather than products, and emphasized mobile as an area where Yahoo! "will be strong" by 2015.
While the company remains one of the world's most popular websites with more than 700 million monthly users of its email service and readers of its news pages, stiff competition from Facebook and Google and diminished online display ad prices have led to stagnated revenue. Dominance in the billion dollar industry of contextually relevant ads is up for grabs and Yahoo! is staking its claim. To that end, Yahoo! and Media.net just announced a long-term agreement to launch Yahoo! Bing Network Contextual Ads to provide web publishers with customized ad units that display relevant text ads from across the Yahoo! Bing Network.Continue reading...
Posted by Dale Buss on July 10, 2012 04:56 PM
Research in Motion leadership squeaked through the company's annual presentation to shareholders Tuesday morning with a minimum of contention and even with its existing board of directors intact.
That doesn't mean shareholders who attended the meeting at its corporate hometown of Waterloo, Ontario, were at all happy with the cratering of the BlackBerry brand, RIM's huge financial losses, its announcement of massive layoffs, the musical-chair game of top management, the shrinking stock price, or the company's widely bemoaned executive decision to delay the launch of the crucial BlackBerry 10 phone until next year.
And they're certainly not happy with how the iPhone and Droid have eaten BlackBerry's lunch lately or how some corporate customers already are contingency planning for a day when BlackBerry might no longer exist or be viable.Continue reading...
Posted by Dale Buss on June 20, 2012 04:11 PM
Procter & Gamble keeps lowering expectations for investors, partly because P&G keeps getting disappointed by shoppers worldwide.
One of the world's largest CPG companies and marketers cut forecasts for its fiscal fourth-quarter (April-June 2012) revenues and earnings today, citing weakness in developed markets such as Europe and North America, less progress than hoped for in emerging markets, and its own inability to cut costs and streamline the business as fast as CEO Bob McDonald would like to.Continue reading...
Posted by Shirley Brady on June 18, 2012 06:35 PM
J. C. Penney Company, Inc. today ousted its JCPenney brand president, Michael Francis, who oversaw the retailer's merchandising and marketing operations, with a terse statement that "We thank Michael for his hard work at jcpenney and wish him the best in his future endeavors."
Francis, who was hired last October "at great expense" (as the New York Times retail reporter tweeted, in light of his whopping $12 million signing bonus) from Target is seen as taking the fall for his boss, company CEO Ron Johnson, the former Apple top retailer who oversaw JCP's new brand strategy in January. Now, of course, the heat is on Johnson to clean up a mess that was arguably of his own making.
For an executive whose goal is to "simplify" matters internally and externally, it was Johnson who championed the idea of killing coupons and sales in favor of "fair and square pricing" (a reference to its logo), so-called "monthlong value" and "everyday low" pricing and twice-monthly clearance events on every first and third Friday (aka "payday" in America). The brand recently scrapped that strategy and is re-embracing the dreaded s-word — "sale."Continue reading...
Posted by Dale Buss on June 6, 2012 12:14 PM
JCPenney has a newfound love for "sale." Ron Johnson, the CEO of JCPenney, this week continued his efforts to claw back the troubled retailer's new business model this week by telling an investment meeting that the company now will be moving away from the implausible term "month-long value" that was introduced in January as part of its new pricing strategy in favor of re-embracing a word that had become verboten at Penney HQ of late: "sale."
"No one really understood [month-long value]," he told the Piper Jaffray Consumer Conference in New York on Tuesday about why the retailer is re-embracing the S-word after making a big splash about dropping it back in January. "What we intend to do is a sale. We run 12 a year."
Yes, Johnson is busy backpedaling from one of the ribs of Penney's new business model — to eschew sales and other "confusing" consumer promotions in favor of an everyday-low price strategy — following dismal first quarter results that saw coupon-clipping moms stay away in droves.Continue reading...
Posted by Sheila Shayon on June 4, 2012 02:12 PM
New York's Parsons The New School for Design, PPR Group’s Luxury and Sport & Lifestyle premium brands, and The Fancy website have partnered so that Parsons students can vie for an internship with one of PPR's stable of 16 luxury brands. Lucky (meaning talented) Parsons students will be able to intern at PPR-repped brands including Gucci, Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Stella McCartney, Sergio Rossi, Boucheron, Girard-Perregaux, JeanRichard, PUMA, Volcom, Cobra Electric and Tretorn.
Open to 2012 seniors of Parsons BFA Fashion Design program, the theme of the competitions is “Empowering Imagination” and students’ designs will be featured on TheFancy.com with winners showcased at Barney’s New York Madison Avenue store. The internship will run for 1 or 2 months in Paris, London, New York, Boston, Rome or Milan and an expense-paid internship of up to $10,000 with the PPR brand of their choice.
“Partnering with PPR and The Fancy will provide our students with an international perspective, thus positioning them as design thinkers poised to lead fashion globally,” said Simon Collins, Dean of the School of Fashion at Parsons, above.Continue reading...
Posted by Dale Buss on May 31, 2012 04:02 PM
At some point, JCPenney CEO Ron Johnson is going to run into massive credibility problems with shoppers, investors and employees. He may already be there.
As part of its new "fair and square" pricing strategy that was introduced as part of its brand refresh in January, the retailer announced new promotions that would give lower prices on specific days of the month and also that some products would have better pricing for month-long periods. Coupons, in a risky move, would be eliminated — a move, it turns out, that didn't sit well with "couponing moms".
But one bad quarter later, in addition to lowering prices every first and third Friday of the month (aka "payday"), Penney’s has backpedaled on its non-promotional stance by adding five additional "Best Price Fridays" throughout the year that will also feature lower prices, such as the one before Memorial Day weekend.
While the move is designed to woo back customers after the brand's dismal first quarter, at least one analyst is afraid that the addition of the new days will confuse consumers even more.Continue reading...