After 30 years with Federated Department Stores Inc., Jeffrey Sherman, chairman and CEO of Federated Direct, has resigned effective March 1. He has accepted a position as CEO of Limited Stores effective March 4.
Sherman will succeed Rob Bernard who resigned from the business as president and CEO earlier this month.
In his new role, Sherman will provide leadership and direction for the operational aspects of the business, and will share marketing responsibilities with Diane Holtz, who was named president of Limited Stores earlier this month. She will report to Sherman, the company said.
Sherman’s corporate responsibilities the Fingerhut Cos. Inc. 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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