Headlines

Retail Ventures to Part Company with CEO

Heywood Wilansky will leave retailer in January 2009

Published

16 years ago

August 11, 2008

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Retail Ventures Inc. (Columbus, Ohio) has opted not to renew the contract of its president and ceo, Heywood Wilansky. Wilansky, who has been with the company since November of 2004, will leave on Jan. 31, 2009.

RVI, which operates Filene’s Basement and owns a majority stake in DSW stores, said the decision follows a disposition of an 81 percent ownership stake in its Value City Department Stores. As a result, the company “determined that the non-renewal of Wilansky’s employment agreement will contribute to cost-savings objectives consistent with the company’s new corporate structure.”

According to a filing from 2004, RVI will pay Wilansky his base salary of just over $1 million a year for 18 months following the termination and reimburse him for maintaining health coverage for the same period of time.

Wilansky is a director of RVI and also a director of its majority-owned subsidiary, DSW Inc.

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