Kroger Appoints Former Walmart Executive as CEO; Japanese Stocks Surge Following Election
NEW YORK - In a flurry of significant developments, Kroger announced the appointment of Greg Foran, a former Walmart executive, as its new CEO on Monday, while Japanese stocks soared to record highs following a historic election victory. Additionally, the make-up brand Barry M was acquired by rival Warpaint, and some tech firms are embracing extended work weeks.
Kroger's decision to name Foran, who previously led Walmart's U.S. division for six years, comes 11 months after the abrupt resignation of its previous CEO, according to ABC News. During his tenure at Walmart, Foran introduced online ordering and pickup, accelerating the company's digital capabilities. Shares of The Kroger Co. rose following the announcement.
Meanwhile, Japanese stocks surged to a record high on Monday after Prime Minister Sanae Takaichi's Liberal Democratic Party (LDP) secured a historic election victory. The LDP won 316 out of 465 seats in Sunday's election, marking the first time a single party has won a two-thirds lower house majority since Japan's parliament was established in its current form in 1947, as reported by BBC World and BBC Business. The Japan Innovation Party, the LDP's coalition partner, won in 36 more constituencies, bringing their combined total to 352 seats.
In other business news, make-up brand Barry M was bought out of administration by cosmetics rival Warpaint. The acquisition, which cost 1.4 million, will result in the closure of Barry M's factory in London and put 100 jobs at risk, according to BBC Business. Barry M, which was founded in 1982, had struggled to innovate and keep up with competitors.
Finally, the tech industry is seeing some firms embrace extended work weeks. One New York-based tech business, Rilla, which sells AI-based systems, is advertising positions with a warning: "Please don't join if you're not excited about working 70 hrs/week in person with some of the most ambitious people in NYC," according to BBC Business. The website promises perks, but the extended hours are a key requirement.
Discussion
AI Experts & Community
Be the first to comment