Linens ‘n Things CFO to Resign
Clifton, N.J. Linens n Things reported that Francis Rowan will resign as senior VP, CFO and secretary of the company, effective Oct. 6.
Under the terms of the employment agreement, Rowan is not entitled to receive any severance payments or other compensation in connection with his resignation other than unpaid base salary and benefits accrued through the date of termination.
Scott Hurd, the current VP, controller, and treasurer of the company, has been elected, effective as of Oct. 6, to the additional positions of CFO and secretary of the company.
The move comes less than a month after the company announced that its executive chairman, Robert DiNicola, submitted his resignation. DiNicola agreed to remain a member of the board of directors and serve as non-executive chairman of the board.
Archileti named DeCA acting chief of staff
FORT LEE, Va. Vicki Archileti was appointed acting chief of staff for the Defense Commissary Agency, effective Sept. 8. She will temporarily leave her position as director of corporate planning for six months. In the interim, Sheila Walton will be acting director corporate planning through Dec. 12, and Mark Simpson will assume the duties from Dec. 13 to March 13, 2009.
“I am excited to serve in this newly created position and look forward to tackling these new responsibilities,” Archileti said. “I believe this position is critical because it involves managing day–to–day headquarters activities which will further allow our executive leaders to focus on significant operational initiatives.”
Archileti was selected director of corporate planning in January 2004. In that position, she has been responsible for anticipating and planning for DeCA’s external challenges.
Schoonover to get $1.8M in severance deal
RICHMOND, Va. Philip Schoonover, the former head of Circuit City, will receive a severance package worth $1.8 million, according to an SEC filing.
Schoonover will receive his annual base salary and a target bonus for the current fiscal year, each worth $900,000.
Schoonover also will receive health and welfare benefit plan participation for two years, up to $50,000 in outplacement services and the acceleration of the vesting of his stock options and restricted stock awards that would have vested before Oct. 4.