Retail Ventures Not Renewing Contract of CEO

Columbus, Ohio Retail Ventures Inc., which operates DSW shoe stores and Filene's Basement clothing stores, said Thursday it would not renew the contract of CEO and president Heywood Wilansky.

His term expires Jan. 31, 2009.

The company said the move will help cost-cutting and restructuring efforts begun when it sold an 81% ownership interest in its Value City Department Stores business in January.

According to a Securities and Exchange filing in 2004 when Wilansky was hired, Wilansky had an annual base salary of $1 million, which increased 2.5% every year beginning with the 2006 fiscal year, as well as a performance-based bonus.