Retail Ventures (RVI) Provides Notice of Non-Renewal to CEO
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Retail Ventures (NYSE: RVI) announced that it has provided a notice of non-renewal of the employment agreement with President and Chief Executive Officer Heywood Wilansky. Mr. Wilansky is a Director of RVI and also a Director of its majority-owned subsidiary DSW Inc. The basis for this decision is that, following the Company's January 23, 2008 disposition of an 81% ownership interest in its Value City Department Stores business, the Company determined that the non-renewal of Mr. Wilansky's employment agreement will contribute to cost savings objectives consistent with the Company's new corporate structure. Pursuant to terms of Mr. Wilansky's employment agreement his employment will terminate on January 31, 2009. The amounts and components of compensation that Mr. Wilansky is entitled to receive in connection with the non-renewal of his employment agreement are set forth in his employment agreement, which was filed as an exhibit to the Company's Amendment No. 1 to Current Report on Form 8-K/A filed on November 24, 2004.
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