Jeffrey Sherman, chairman and CEO of Federated Direct, has resigned effective March 1. He has accepted a position with Limited Stores.
Sherman’s corporate responsibilities for the Fingerhut component of Federated Direct will be assumed by Federated Department Stores Inc. vice chairman Ronald W. Tysoe.
Michael Sherman, the president of Fingerhut, will report to Tysoe along with Steven A. Lightman, executive vice president of Fingerhut catalog operations. Both Sherman and Lightman will maintain responsibility for Fingerhut’s ongoing operations.
Federated Direct, the division responsible for the operations of macys.com and Bloomingdale’s By Mail, will be headed by Dawn Robertson.
Sherman, 53, joined Federated Department Stores in 1971 and has been CEO since March 2000. He joined the company as an executive trainee at Bloomingdale’s where, after a series of advancements, he was named president and COO in 1989. Federated Direct is the company’s direct-to-customer catalog and e-commerce division.
Meanwhile, Federated Department Stores may have found a buyer for the troubled Fingerhut subsidiary. The Business Development Group Acquisitions Inc. signed a non-binding letter of intent today with the Cincinnati-based department store holding company.
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