Whitehall Suffers New Blow as President Resigns
Staff -- JCK Online, 12/1/2005 2:00:00 AM
Shortly after Whitehall Jewellers arranged a new financing deal that will likely give a majority of control of the company to outside investors, its president and interim chief operating officer, Lucinda M. Baier, resigned. Baier also served as interim chief executive officer. No reason was given for her departure.
Baier has been replaced by Daniel H. Levy, who will serve as interim chief executive officer while the company finds a permanent CEO. Baier was named interim CEO of the Chicago-based retail chain in March following the sudden death of Hugh Patinkin, Whitehall's chairman and CEO.
In August Whitehall named former JC Penney Co. executive Beryl Raff as CEO to succeed Patinkin, but in September Raff resigned before she started the job.
The news comes shortly after Whitehall negotiated a new financing agreement with lender Prentice Capital Management. Whitehall said that if all the terms are met, Prentice would own 87 percent of the company's common stock.
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