BJ’s Wholesale CEO quits as sales disappoint
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Natick, Mass.-based BJ’s Wholesale Club Inc. said that Mike Wedge had resigned as president and chief executive after months of disappointing sales, and that it had named its chairman as interim CEO.
“While the company has made great strides in its efforts to improve general merchandise sales and customer traffic, overall progress has not come as quickly as we had hoped and expected,” Wedge and Chairman Herb Zarkin said in a joint statement. “We agree that the company’s leadership team will benefit from a fresh perspective at this time.”
Wedge, 53, was named president and CEO in 2002. Zarkin, 68, has been chairman since 1997. He had intended to retire from the board in May 2007 but will now stand for reelection at the retailer’s annual meeting.
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