Friedman’s Gets New President, and Good News From Court

Friedman’s, currently in Chapter 11, has appointed Pamela J. Romano its president and chief operating officer. She will report to chief executive officer Sam Cusano.

Romano has over 25 years of retail jewelry experience. Most recently, she served as group senior vice president of Zale Corp. and president of Zales Jewelers for seven years. She also ran Zales.com, the company’s Internet site. She previously was the vice president of merchandising for Macy’s East Fine and Fashion Jewelry.

In related news, a Georgia bankruptcy court has given the troubled chain two pieces of good news, the Savannah Morning News reports. It approved a new compensation program for Friedman’s executives and gave the retailer a nearly 10-month extension to file its reorganization plan.

The court believed the extension was needed to bring the company comfortably through the Christmas season. The compensation program was needed, the court felt, for stability in the company’s upper ranks. It gives executives salary bonuses if the company exceeds 2005 earnings projections by certain amounts and provides cash and stock awards if Friedman’s emerges from Chapter 11.