Mershad, Frederick J.
-- president and CEO of Elder-Beerman Stores
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Frederick J. Mershad was named president and chief executive officer of Elder-Beerman Stores on Jan 10, 1997. At the time of his appointment, Mershad was president and CEO of Tennessee-based Proffitt's Stores. Mershad was hired to succeed Max Gutmann as CEO. Gutmann remained company chairman. |
Background on Frederick J. Mershad:
Born: 2-4-1943 in Dayton. He grew up in Cincinnati.
Family: three children, including a daughter Lee.
Education: graduated from Purcell High School and Xavier University in Cincinnati.
Career: Mershad came to Beerman's with 25 years of retail experience., including early jobs at Rike's and Shillito's stores. He joined the 26-store Proffitt's chain in 1994 and became its president and CEO in January 1996.
Salary and compensation:
Mershad received a three-year contract paying him an annual base salary of $500,000, plus an annual bonus of $175,000, or 35 percent of his base pay, guaranteed for three years. He is also eligible for added incentive bonuses of up to $75,000.
Elder-Beerman also agreed to compensate Mershad $120,000 for lost bonuses from Proffitt's, as well as about $565,000 for forfeited Proffitt's stock options.DDN 1-11-1997 "Elder-Beerman hires new exec."
File created: 1-12-97;
Updated 1-28-1997
Sources:
DDN 1-28-1997, "Proffitt's seeks halt to change," by Jim Bohman.