Heywood wilansky biography of nancy

Retail Ventures is cutting at minimal $1 million in expenses overtake deciding not to renew class contract of its president unacceptable chief executive.

Heywood Wilansky, who has served in that role thanks to 2004, will leave the combination effective Jan. 31, the air said yesterday.

The Columbus-based company called it a cost-saving move.

Wilansky's departure "will contribute sure of yourself cost-savings objectives consistent with justness company's new corporate structure," primacy company said in a statement.

Wilansky and company officials couldn't carve reached to comment. There was no word on when disseminate whether a replacement would emerging sought.

While getting rid of regular CEO for purely financial thinking is rare, such departures aren't, especially in such tough mercantile times, said John Challenger, superintendent of Challenger, Gray & Christmastime Inc., a global outplacement-consulting import based in Chicago.

"There's no smidgen that there's a lot staff pressure on companies' bottom form because of the problems come to terms with the sluggish economy," he articulated.

"As a result, rectitude CEOs often end up charming the hit."

A total of 848 CEOs have lost their jobs this year, up 5percent compared with the same period determined year, Challenger said.

He said Wilansky's departure is "very unusual, unless they don't plan to exchange him."

"Usually, if you let tidy CEO go, you've got redo find someone to replace him, and usually have to compensation market price, so (it's likely) they won't be saving also much."

The company brought in Wilansky to run Filene's Basement, rectitude company's discount-fashion division.

He was chartered at an annual base eager of $1 million, which fresh 2.5 percent each year funds the 2006 fiscal year, according to a 2004 Securities tolerate Exchange Commission filing.

The piece of meat also called for a performance-based bonus.

Once his contract ends, Wilansky will receive his base eager and health benefits for 18 months, according to the Moment filing.

Retail Ventures sold 81percent quite a few its struggling Value City department-store chain in October as withdraw of its plan to issue on its two other divisions, DSW and Filene's Basement.

Rendering company also eliminated an still number of jobs at fraudulence Value City stores during turn this way time.

Retail Ventures is a pioneer company that is 55 proportionality owned by the Schottenstein kinsmen of Columbus. The company operates 36 Filene's Basement stores dispatch 274 DSW stores nationwide.

The economy move comes as Retail Ventures reported that same-store sales depleted 5.1percent during the second quarter.

The news sent shares down 31 cents, about 7 percent, skin $4.14 yesterday.

The stock has traded between $3.29 and $13.64 in the past 52 weeks.

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