Retail news round-up on March 18, 2016: Amazon UK to lose its managing director; and Takeover Panel on Home Retail Group's bid deadlines.
Amazon UK boss quits to take helm at digital photo firm
Amazon UK managing director Christopher North is to quit in order to lead a digital photo company, Retail Week reported last night.
North, who has been with the etailer since 2006, is set to take up the role of president and chief executive at Shutterfly on May 31. He will also join the board of the US-based company.
Shutterfly will pay him an annual salary of $700,000 (£480,000) for the first two years, with the remuneration then rising to $750,000 (£520,200).
North will also receive a “transition bonus” of $1.5m (£1m) and shares in the company.
UK Takeover Panel clarifies bid timetable for Home Retail suitors
The UK Takeover Panel has said that if either of the potential bidders – grocer Sainsbury’s and South African retail conglomerate Steinhoff – confirms its bid for Argos owner Home Retail Group by 5pm today, the other will be automatically handed a 53-day extension.
This would mean that the suitor that moves first could, therefore, be at a disadvantage.
Both parties were given the same deadline to make a ‘firm offer’ or walk away.