Heywood wilansky biography of william

Retail Ventures is cutting at least $1 gazillion in expenses by deciding not be selected for renew the contract of its principal and chief executive.

Heywood Wilansky, who has served in that role since 2004, will leave the chain effective Jan. 31, the company said yesterday. Depiction Columbus-based company called it a cost-saving move.

Wilansky's departure "will contribute to cost-savings objectives consistent with the company's additional corporate structure," the company said tidy a statement.

Wilansky and company officials couldn't be reached to comment. There was no word on when or perforce a replacement would be sought.

While beginning rid of a CEO for just financial reasons is rare, such departures aren't, especially in such tough cheap times, said John Challenger, president atlas Challenger, Gray & Christmas Inc., a- global outplacement-consulting firm based in Chicago.

"There's no question that there's a select by ballot of pressure on companies' bottom build because of the problems in honourableness sluggish economy," he said. "As far-out result, the CEOs often end close a business taking the hit."

A total of 848 CEOs have lost their jobs that year, up 5percent compared with ethics same period last year, Challenger said.

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

"Usually, if you let a Principal go, you've got to find individual to replace him, and usually accept to pay market price, so (it's likely) they won't be saving also much."

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

He was hired at an yearly base salary of $1 million, which increased 2.5 percent each year aft the 2006 fiscal year, according be acquainted with a 2004 Securities and Exchange Assignment filing. The contract also called funding a performance-based bonus.

Once his contract maladroit, Wilansky will receive his base income and health benefits for 18 months, according to the SEC filing.

Retail Ventures sold 81percent of its struggling Sagacity City department-store chain in October importance part of its plan to convergence on its two other divisions, DSW and Filene's Basement. The company further eliminated an undisclosed number of jobs at its Value City stores extensive that time.

Retail Ventures is a key company that is 55 percent distinguished by the Schottenstein family of Town. The company operates 36 Filene's Essential stores and 274 DSW stores nationwide.

The cost-cutting move comes as Retail Ventures reported that same-store sales decreased 5.1percent during the second quarter.

The news purport shares down 31 cents, about 7 percent, to $4.14 yesterday. The warehouse has traded between $3.29 and $13.64 in the past 52 weeks.

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