Mervyns' chief executive officer Rick Leto has resigned after three years on the job. Leto was instrumental in downsizing the chain and refocusing it on moderate prices and minority populations. Charles Kurth, currently senior vice president and chief financial officer, is expected to be named interim CEO until a permanent successor is named.
Leto joined the Hayward, Calif.-based promotional department store chain in December 2004, and previously spent eight years at Kohl's. He's also a veteran of Macy's and worked at Galyans.
Mervyns, owned by Sun Capital Partners Inc., Cerberus Capital Management LP and Lubert-Adler/Klaff and Partners LP, operates 177 stores in eight states.