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BJ’s has a new president and CEO

BJ’s Wholesale Club Holdings has appointed Bob Eddy as president and chief executive.
BJ’s Wholesale Club Holdings has appointed Bob Eddy as president and chief executive.


BJ’s has a new president and CEO

BJ’s Wholesale Club’s board of directors has appointed Bob Eddy to be the retailer’s new president and chief executive, after Eddy was promoted on an interim basis earlier this month following the sudden death of Lee Delaney. Eddy, who will work alongside executive chairman Christopher Baldwin, will also join the board. Laura Felice will be promoted from senior vice president to executive vice president and chief financial officer to take over Eddy’s former job. Meanwhile, BJ’s unveiled additional EVP appointments to strengthen the management team: Paul Cichocki will oversee merchandising, membership, and marketing, and Bill Werner will oversee market expansion and strategic initiatives. The Westborough company operates 221 wholesale clubs and 151 gas stations across 17 states. — JON CHESTO



Proposed hike on high earners in Mass. will impact small businesses, group says

The proposed tax on high earners in Massachusetts will affect thousands of small businesses as well as individuals. That’s the argument the Pioneer Institute, a libertarian-leaning think tank in Boston, is making with its latest report that shows the surtax, often known as the “millionaires tax,” could apply to as many as 13,430 of the state’s “pass-through entities.” Pioneer argues that it’s not just wealthy people who will pay more if voters approve the surcharge, but small-business owners as well. Pass-through entities are often structured as S corporations, sole proprietorships, and partnerships. Their number grew by 11 percent from 2010 to 2018, when they accounted for 57 percent of the state’s private sector workforce, according to Pioneer. The proposed state constitutional amendment, which could go to voters as soon as November 2022, would add a 4 percentage points to the state’s 5 percent income tax for annual income over $1 million. — JON CHESTO


Semiconductor shortage could be long lasting, head of AutoNation says

The global semiconductor shortage that’s crippling the auto industry could drag on for as long as a year, according to Mike Jackson, chief executive officer of AutoNation, the largest car-dealer chain in the United States. AutoNation expects the industry’s vehicle shipments in the second quarter to be double what they were a year ago, but that’s barely enough to keep dealer lots full, Jackson said in an interview. Low interest rates, stimulus checks, and a desire for private transportation during the pandemic are fueling demand for vehicles, while assembly plants are sitting idle because of a lack of chips. AutoNation has been increasing used-car sales to make up for the lack of new supply. — BLOOMBERG NEWS



Bidding war for US railroad

A bidding war is breaking out for Kansas City Southern, with Canadian National Railway making a $33.7 billion cash-and-stock offer for the railway. The bid trumps a $25 billion cash-and-stock proposal made by Canadian Pacific last month. If the two companies were to combine, it would create a business connecting ports and rails in the United States, Mexico, and Canada. — ASSOCIATED PRESS


And the Webby goes to...

An eclectic group of people — including LeBron James, James Corden, Jennifer Garner, and Sir David Attenborough — have nabbed nominations for this year’s Webby Awards, recognizing the best Internet content and creators. The International Academy of Digital Arts & Sciences announced the nominees on Tuesday, which also include the companies Amazon, Adobe, CNN, Disney, Google, Headspace, Hulu, Mailchimp, Marvel Entertainment, Rihanna’s Savage X Fenty, Spotify, The Root, and Wondery. Nominees include the viral “Savage Challenge,” John Mayer driving a Land Rover Defender in an ad, “Ratatouille: The TikTok Musical,” the animated music video for Dua Lipa’s “Hallucinate,” Attenborough’s Instagram account, Garner’s cooking series, James’ partnership with LyftUp, and the social media presence of “The Late, Late Show with James Corden.” — ASSOCIATED PRESS



Venmo to let users buy, sell cryptocurrencies on its app

Crypto trading is coming soon to a Venmo feed near you. PayPal on Tuesday will begin allowing select customers of its Venmo app to buy, sell, and hold cryptocurrencies as consumers increasingly look for ways to pile into the digital assets. The firm will make it available to all the app’s users, who number more than 70 million, within the next few weeks. For now, Venmo is allowing customers to trade in just four types of cryptocurrency: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Users will also have the ability to share their cryptocurrency purchases on the Venmo feed. — BLOOMBERG NEWS


Subaru recalling nearly 875,000 cars and SUVs

Subaru is recalling nearly 875,000 cars and SUVs in the United States because the engines can stall or a rear suspension part can fall off. The stalling recall covers more than 466,000 Crosstrek SUVs from 2018 and 2019 and Impreza cars from 2017 through 2019. The company says in government documents that a computer can power the ignition coil after the car is shut off. That can cause a short circuit. Dealers will update the software, replace ignition coils, and if necessary install a new front exhaust pipe. The recall is to start May 28. The suspension recall affects more than 408,000 2018 and 2019 Crosstreks and 2019 Foresters. Some rear stabilizer bar bolts can loosen and detach, increasing the risk of a crash. Dealers will tighten bolts and replace any missing ones starting May 14. — ASSOCIATED PRESS



Blockchain to be used to boost authenticity

LVMH, Cartier, and Prada are joining forces to offer a blockchain solution to their customers seeking an extra seal of authenticity for the goods they’re buying. The alliance of the world’s largest luxury-goods makers plans to make a blockchain-enabled solution available to all luxury brands to provide shoppers with assurance what they’re buying is authentic, the companies said in a joint statement Tuesday. Plus it will make the products traceable in a transparent way. This solution will enable consumers to know whether a product is counterfeit or not by providing an encrypted certificate of guarantee. — BLOOMBERG NEWS


Boeing gets a boost from jet-leasing company in Dubai

Boeing Co.’s 737 Max got a boost from the jet-leasing sector after Dubai Aerospace Enterprise announced a deal for 15 aircraft, adding to evidence that demand is reviving after the model’s near two-year grounding. The order for the Max 8 variant is worth about $1.8 billion at list prices and represents the first direct acquisition of the plane by the Middle East’s biggest lessor, whose previous deals have involved purchases from airlines. Leasing companies including AerCap Holdings, Avolon, and SMBC Leasing canceled or delayed Max deliveries in 2020 as the pandemic prompted crippling travel bans. Air Lease Corp. said last month that the trend was beginning to turn, with carriers asking to reactivate orders amid a pickup in demand. — BLOOMBERG NEWS