Personal Finance

Apple hires former Yves Saint Laurent Group CEO

Apple taps Yves Saint Laurent

Apple is hiring Paul Deneve, the former chief executive officer of luxury fashion house Yves Saint Laurent Group, to work on special projects for CEO Tim Cook.

Deneve returns to the iPhone maker after working for Apple in Europe during the 1990s. He also formerly was CEO of Lanvin and Nina Ricci.

While Apple has traditionally promoted from within, the move shows that Cook is looking outside to fill some senior roles. Apple is also hiring Hulu executive Pete Distad to help acquire content for Apple TV, two people familiar with the hire told Bloomberg News.

A pay cut for Martha Stewart

Martha Stewart has agreed to a 10 percent annual pay cut as the company she created struggles with losses amid a shift away from publishing and TV.

Martha Stewart Living Omnimedia changed the compensation to $1.8 million for its 71-year-old chairman as part of an option in a July 2012 agreement that extended her employment until 2017, according to a filing. Her annual license fee was also trimmed by $300,000 to $1.7 million, and the board replaced an old expense policy that reimbursed her for chauffeur, Internet and home security services. It didn’t say what the new expense policy would cover.

Paula Deen parts with agent

Paula Deen said she has cut business ties with the agent who helped make her a Food Network star and launch a media and merchandising empire that has largely crumbled in the wake of her admission that she used racial slurs in the past.

Deen had worked with New York agent Barry Weiner for more than a decade. She has said he was instrumental in getting her show “Paula’s Home Cooking” on the Food Network in 2002. She gave no reason for her parting with Weiner in a prepared statement.

Swiss banking deal

The Swiss cabinet has agreed to let banks make individual deals on turning over confidential client data to U.S. authorities without facing criminal sanctions under Swiss law.

The seven-member council said in a statement that the agreement sets “parameters for cooperation” so Swiss banks can cut deals to avoid U.S. charges for shielding tax cheats.

But it said the data “can only be supplied within the scope of existing agreements with the U.S.A. in the area of double taxation via administrative assistance.”

Restored as chairman

Gary Friedman is returning as chairman and co-CEO at Restoration Hardware, less than a year after stepping aside, as the home products chain buys his new venture, a company called Hierarchy.

In August 2012, The New York Times reported that Restoration Hardware’s board found that Friedman had an inappropriate relationship with a former employee. The company could not be reached for comment at the time and did not immediately return a message.