Elder-Beerman ceo to retire at yearend

Elder-Beerman Stores' chairman, president and ceo Fredrick Mershad has notified its board of directors that he will retire Dec. 31. The board's executive committee has already begun a search for a successor, and Mershad will assist in that process.

With 36 years experience in retail, Mershad has been chairman and ceo of Elder-Beerman since December 1997. He joined the company as president and ceo in January 1997, from the Proffitt's division of Saks, where he served as president and ceo.

"During Fred Mershad's tenure at Elder-Beerman he grew the chain from 48 department stores to its current 63 stores," said Steven Mason, chairman of the executive committee. "He led the team that created the company's concept stores in 1999 and presided over the development of the company's new strategic plan. We will be sorry to see him go, and the board wishes him well."

Mershad said, "I am privileged to have worked with the outstanding team at Elder-Beerman. It is gratifying to see the process made in implementation of the company's strategic plan that emphasizes delivering quality fashionable merchandise at value prices, maintaining tight expense controls and opening new concept stores."

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