WAL-MART WOES: Wal-Mart has pulled the plug on millions in stock options and other benefits for former vice chairman Thomas Coughlin, who was forced off the board in March after an internal investigation uncovered the possible...
WAL-MART WOES: Wal-Mart has pulled the plug on millions in stock options and other benefits for former vice chairman Thomas Coughlin, who was forced off the board in March after an internal investigation uncovered the possible misappropriation of as much as $500,000 in company funds. In a proxy statement, Wal-Mart said it suspended Coughlin’s restricted stock, stock options, incentive payments and some interest payments earned under a deferred compensation plan. The move voids a noncompete agreement Coughlin signed Jan. 22 after his retirement as vice chairman that would have continued his $1.03 million base salary for another two years. He might forfeit 186,407 restricted stock options worth about $9.7 million as well as 302,503 stock options exercisable within 60 days and worth about $14 million. The company’s findings have been referred to federal prosecutors in Arkansas. Spokesman Marty Heires said the company could not comment beyond what was disclosed in the proxy filing.
RODDICK, REEBOK SPLIT: Reebok International said Friday it will not renew its five-year contract with tennis player Andy Roddick as of May 1. Company executives declined to comment, but Dennis Baldwin, Reebok’s chief marketing officer, said in a statement: “After carefully considering what is in the best interest of our business, Reebok has elected not to continue this partnership.” Roddick was the center of the brand’s global marketing campaign last summer, and the company also developed a line of sportswear and accessories with the 22-year-old player. He is featured in the current Reebok marketing campaign based on the theme “I Am What I Am.” Last year, Reebok ended its endorsement of Venus Williams after nearly a decade.
Identical twin YouTube stars, Vanessa and Veronica Merrell, are set to debut their first-ever clothing line, Truimg. The school-appropriate collection of affordable junior appare is meant to help build confidence and positivity, a theme for the sisters’ brand. Read more on WWD.com.
@converse and @jw_anderson are teaming up again on a sneaker collection called “Toy.” To showcase the collab, the two brands are hosting a pop-up in London’s Soho from July 19 to July 22. The four-day pop up will translate Anderson’s latest approach to the Converse Chuck 70 into an experience that resembles a traditional art gallery. See more photos — and read about the pop-up — on WWD.com. #wwdfashion
Exclusive: @balmain is launching an online flagship in partnership with @ynap. The new site will feature a click-and-collect service, editorial content and dedicated capsules. Read more on WWD.com. #wwdfashion #wwdnews (📷: @aitorrosasphoto)
“I’d been living in L.A. for the last year, and I felt like New York had such a need for a space where it can be just an oasis to take care of yourself,” said @cleanfooddirtycity of creating @clean.market, an upscale holistic wellness center in NYC. A market in the front of the shop sells a mix of clean beauty and skin products and apothecary-style items, while a cafe-style functional food and tonic bar is set up in the middle of the space, serving lattes and superfood smoothies. See more photos of the space on WWD.com. #wwdeye
“I started to realize I could also make my own decisions about how to move forward, and the events — as much as I love them — are an all-consuming part of what I was doing,” said @bettinaprentice of Prentice Cultural Communications, who’s worked with @google, @tiffanyandco, @bulgariofficial and more. Her decision to move her communications firm away from event production was met with shock in the industry upon announcement. Head to WWD.com to read our interview with Prentice, including her approach to event planning and how she’s continuing to evolve her business. #wwdeye (📷: @weston.wells)
“We don’t fight because we are just friends and respectful of each other’s projects. Max is even producing my solo album...I think what keeps us together is five o’clock white wine time,” said singer/songwriter @iamalexwinston of working with friend @alexmaax on their new EP “Crown.” Together they make up pop duo @postprecious, and their new EP is inspired by Hershenow’s devotion to the gay dance party scene. Head to WWD.com to read more about how these two artists came together. #wwdeye (📷: @dandoperalski)