NEW YORK -- Following its emergence from bankruptcy, Loehmann's announced some executive changes. According to the company, CEO Jerald Politzer, who guided the company through this successful bankruptcy process, has chosen to leave Loehmann's. Joe Melvin, the company's COO and CFO will assume the role of interim CEO.
"As was our goal, we have significantly reduced our debt through the Chapter 11 process and have emerged a stronger, more financially secure company better positioned to address the opportunities and challenges of the marketplace," said Melvin. "We look forward to rededicating ourselves to building Loehmann's into an even more exciting shopping destination for our existing customers and tapping into a whole new customer base who appreciates the value and brands we bring to them."
In addition, as part of the restructuring, Arthur Reiner and Nancy Ross have been appointed as independent members of the board of directors. They will join directors Dr. Shuja Ali and Kapil Zaveri of Istithmar World, and Steven Gendal and Michael Lee of Whippoorwill Associates. Reiner will be the chairman of the board.
Reiner was chairman and CEO of Macy's East. He was also chairman and CEO of Finlay Enterprises, a nation-wide fine jewelry company. In May 2003, Reiner became a director of New York & Company, Inc. and is currently chairman of the compensation committee, and a member of the corporate nomination & governance and audit committees.
Ross is founder and CEO of C-Suite Agenda LLC. Her firm helps leading organizations improve their performance through customer driven insights. Ross has also served as brand/marketing consultant to senior management, board and CEOs, with substantive efforts in retail efforts of Citibank, Chase, KKR's Primedia educational division and Scholastic.