Retail Ventures forces out its CEO
Staff Writer | The Columbus Dispatch
Retail Ventures is cutting at least $1 million in expenses by deciding not to renew the contract of its president and chief executive.
Heywood Wilansky, who has served in that role since , will leave the chain effective Jan. 31, the company said yesterday. The Columbus-based company called it a cost-saving move.
Wilansky's departure "will contribute to cost-savings objectives consistent with the company's new corporate structure," the company said in a statement.
Wilansky and company officials couldn't be reached to comment. There was no word on when or whether a replacement would be sought.
While getting rid of a CEO for purely financial reasons is rare, such departures aren't, especially in such tough economic times, said John Challenger, president of Challenger, Gray & Christmas Inc., a global outplacement-consulting firm based in Chicago.
"There's no question that there's a lot of pressure on companies' bottom lines because of the problems in the sluggish economy," he said. "As a result, the CEOs often end up taking the hit."
A total of CEOs have lost their jobs this year, up 5per
Though taking the presidential reins of Filene&#;s Basement only very recently, Heywood Wilansky already has several clear ideas to take the off-price chain to a point where it can spin off from Value City Department Stores and become a public company — a three- to five-year project, he believes.
&#;I wouldn&#;t have come back out of early retirement for a traditional department store opportunity,&#; the former professor at the University of Maryland told Home Textiles Today. While the mid-tier department stores are &#;going nowhere,&#; other areas provide greater growth prospects, like the high-end sector, including Neiman Marcus and Bergdorf, discounters such as Wal-Mart, and the off-price chains, he said.
As does the potential of the home area in the off-price arena, he added. He estimated that Filene&#;s Basement&#;s home assortment was about 6 percent of total sales currently and felt that it can definitely be expanded beyond that.
&#;I&#;m used to having a bigger home store,&#; he said, having served as ceo for Foley&#;s, Filene&#;s and The Bon-Ton Stores. &#;Those stores have a home area at about 12 percent to 20 percent of sales. I&#;m not sure if Filene&#;s Baseme
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