I thought I'd fill in for him by posting verbatim a news story, and then getting upset when you question why I did it.
Jones Store parent picks CEO
Despite reports and speculation that it was looking outside for a new leader, Jones Store parent the May Department Stores Inc. found its new leader inside its current ranks.
In a filing with the Securities and Exchange Commission, the St. Louis-based parent of Lord & Taylor, Famous-Barr and others, said it has promoted John Dunham to chairman and chief executive officer.
The decision to elevate Dunham was made, without any fanfare, May 18 and is retroactive to Jan. 14, when he became acting chairman and CEO after Gene Kahn resigned.
In February, The Wall Street Journal reported that May's search firm, Spencer Stuart, had interviewed Vanessa Castagna, the former president of J.C. Penney stores, and Roger Farah, president of Polo Ralph Lauren Corp.
May is in the midst of being acquired by retail rival Federated Department Stores Inc., parent of Macy's and Bloomingdale's, in a deal valued at about $11 billion. As part of the deal, May's lineup of stores, including Jones, will be rebranded as Macy's. The companies hope to close the deal later this year.
Dunham, 58, who had been May's president since 2001, received a pay raise with his promotion of $100,000 to $1,150,000. He also received a bonus of $578,841 and the option to buy 75,000 May shares.
May shares closed Thursday at $36.36, near the high end of its 52-weeks range of $23.04 to $37.40. Federated shares closed at $61.07 and have traded between $42.80 and $64.54 in the last 52 weeks. U.S. financial markets were closed today for Good Friday
