Money Briefs: Isetan Mitsukoshi appoints new CEO

Isetan Mitsukoshi appoints new CEO

TOKYO • Isetan Mitsukoshi Holdings appointed a new chief executive yesterday as Japan's biggest department store chain by revenue battles to reverse a sharp fall in shopping by foreign tourists.

In a filing with the Tokyo Stock Exchange, Isetan Mitsukoshi said senior managing executive officer Toshihiko Sugie would become CEO on April 1, replacing Mr Hiroshi Ohnishi who had been in the role since 2012.

Japanese department store sales fell to less than 6 trillion yen (S$74.3 billion) last year from a 1991 peak of 9.7 trillion yen, as upscale retailers suffer from weak economic growth, changing consumer tastes and e-commerce competition.

REUTERS


$1.5b offer for data storage provider

BANGALORE • Hewlett Packard Enterprise (HPE) said it would buy data storage provider Nimble Storage for US$1.09 billion (S$1.54 billion) in cash, as part of the company's focus on the fast-growing hybrid IT market.

HPE has offered US$12.50 per Nimble Storage share, representing a premium of 45.3 per cent to the company's Monday closing price.

Nimble Storage's shares were trading at the offer price before the bell yesterday. HPE's stock was unchanged.

HPE will also assume or pay out Nimble's unvested equity awards with a value of about US$200 million at the close, as part of the deal.

Nimble Storage's entry- to mid-range flash-based products will help HPE cater to customers across all segments, the company said.

REUTERS

A version of this article appeared in the print edition of The Straits Times on March 08, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe