Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) announced today that Jeffrey Sherman, who since March 2000 has served as chairman and chief executive officer of Federated Direct, the company's direct-to- customer catalog and e-commerce division, has resigned effective March 1 to accept a position with Limited Stores.
Following Sherman's departure, corporate responsibilities for the Fingerhut component of Federated Direct will be assumed by Federated Vice Chairman Ronald W. Tysoe. Michael Sherman, Fingerhut president, will report directly to Tysoe, and along with Steven A. Lightman, executive vice president of Fingerhut catalog operations, will maintain responsibility for Fingerhut's ongoing operations.
"We are continuing to aggressively pursue the sale of Fingerhut and we are making progress," Tysoe said. "Meanwhile, Fingerhut management is doing an excellent job of seeing to the day-to-day operations of the business and will continue to do so in the days and weeks ahead as the process continues to unfold."
Sherman, 53, has been with Federated since 1971. He joined the company as an executive trainee at Bloomingdale's, where after a series of steady advancements, he was named president and chief operating officer in 1989.
"Jeff Sherman has consistently served this company well and has made many invaluable contributions to the business during his three decades with Federated, and we wish him all the best as he pursues this new opportunity," said James M. Zimmerman, Federated's chairman and chief executive officer. "Jeff has been working closely with Ron Tysoe and the Fingerhut management team, so we are confident there will be a smooth and seamless transition of responsibilities on all fronts."
Federated Direct, the division responsible for the operations of macys.com and Bloomingdale's By Mail, will be headed by Dawn Robertson following Sherman's departure. After March 1, Robertson, who has served as the division's president and chief merchandising officer since 1999, will report to Susan Kronick, Federated group president. Kronick, who currently is responsible for the company's regional department stores -- The Bon Marche, Burdines and Rich's/Lazarus Goldsmith's, then will be responsible for managing the company's relationship with WeddingChannel.com and the overall bridal and gift registry business.
Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales from continuing operations of more than $15.5 billion. Federated currently operates more than 450 stores in 34 states, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's, as well as macys.com and Bloomingdale's By Mail.
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