Federated Direct's chairman and ceo to resign
February 21, 2002,
Cincinnati — Federated Department Stores today announced that Jeffrey Sherman, chairman and ceo of Federated Direct, the company's direct-to-customer catalog and e-commerce division, will resign effective March 1 to become ceo of the Limited Stores division of Limited Inc.
Following Sherman's departure, Federated vice chairman Ronald Tysoe will assume the responsibilities for the Fingerhut component of Federated Direct. Michael Sherman, Fingerhut president, will report directly to Tysoe and, along with Steven Lightman, executive vp of Fingerhut catalog operations, will be responsible for Fingerhut operations.
Kronick, currently responsible for the company's regional department stores — The Bon Marche, Burdines and Rich's/Lazarus/Goldsmith's — will then oversee the company's relationship with WeddingChannel.com and the overall bridal and gift registry business. She will continue in her current responsibilities as well.
Sherman joined Federated in 1971 as an executive trainee at Bloomingdale's, and advanced to become president and coo in 1989. He served as chairman and ceo of Federated Direct since March 2000.