Mervyns CEO steps down
December 13, 2007
Hayward, Calif.—The head of department store chain Mervyns has stepped down, the company announced earlier this week.
Rick Leto, who served as chief executive and chief merchandising officer, joined Mervyns three years ago after private equity firm Cerberus Capital Management lead a group of investors in buying the company from Target Corp. and took it private.
During Leto’s tenure, the company shut about 80 stores and pulled out of several states.
Between 2005 and 2006, Mervyns experienced an 8 percent drop in total U.S. sales, from $2.6 billion to $2.4 billion, and an 8 percent drop in U.S. jewelry and watch sales, from $130 million to $120 million.
Jewelry and watch sales constitute about 5 percent of Mervyns’ total sales.
In addition, the Hayward, Calif.-based department store chain closed 14 stores between 2006 and 2007.
The company’s financials have been strong in recent quarters, however, and the company opened four new stores in 2006, its first store openings since it went private in 2004. The company now operates a total of 177 stores.
Mervyns Chief Financial Officer Chuck Kurth will serve as interim president and chief executive while the company conducts a nationwide search for Leto’s replacement.
“We appreciate the contributions Rick has made to Mervyns and we wish him well,” board member Thomas Taylor told the Contra Costa Times. “Our goal is to have someone in place as soon as possible, but we are committed to taking the time necessary to find the most qualified person to lead Mervyns and take the company to the next level.”
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