Slow Sales Prompt Wedge's Retirement From BJ'S
NATICK, Mass. -- Mike Wedge, president and c.e.o. of BJ's Wholesale Club, Inc. here since September 2002, retired last week in a bid to correct the company's fortunes as it struggles with disappointing sales results. Herb Zarkin, chairman of the board of directors, will serve as interim c.e.o. while the board looks for a successor.
In a joint statement, Wedge and Zarkin said: "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. We agree that the company's leadership team will benefit from a fresh perspective at this time."
Added Wedge, "I will continue to follow the company's progress with enthusiasm both as an investor and as a member."
Before taking the helm at BJ's, Wedge served from July 1997 to September 2002, as the company's e.v.p., club operations, and from February 1997 to July 1997 he was e.v.p., sales operations of the BJ's Wholesale Club division of Waban, Inc.
Zarkin has been a director of the company since November 1996, and became chairman a year later. From 1993 to 1997, he was president, c.e.o., and director of Waban, Inc., which operated BJ's Wholesale Club as well as HomeBase, another warehouse merchandising business. Although he had originally planned to retire from the board of directors in May 2007, Zarkin will now stand for re-election at BJ's annual meeting in that month.
BJ's currently operates 171 clubs, among them two ProFoods Restaurant Supply clubs.
In a joint statement, Wedge and Zarkin said: "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. We agree that the company's leadership team will benefit from a fresh perspective at this time."
Added Wedge, "I will continue to follow the company's progress with enthusiasm both as an investor and as a member."
Before taking the helm at BJ's, Wedge served from July 1997 to September 2002, as the company's e.v.p., club operations, and from February 1997 to July 1997 he was e.v.p., sales operations of the BJ's Wholesale Club division of Waban, Inc.
Zarkin has been a director of the company since November 1996, and became chairman a year later. From 1993 to 1997, he was president, c.e.o., and director of Waban, Inc., which operated BJ's Wholesale Club as well as HomeBase, another warehouse merchandising business. Although he had originally planned to retire from the board of directors in May 2007, Zarkin will now stand for re-election at BJ's annual meeting in that month.
BJ's currently operates 171 clubs, among them two ProFoods Restaurant Supply clubs.