WASHINGTON--Stephen Wertheimer, a former managing director for PaineWebber Inc., was elected chairman of the board of Merry-Go-Round Enterprises Inc. Tuesday. He will take a lead role in attempting to maneuver the company out of bankruptcy court, where it has been since January 1994, a spokesman said.
Wertheimer, who has been a private investor since leaving PaineWebber in 1991, was appointed to MGR's board in May. Prior to that, he was co-chairman of the company's equity committee.
The company also said Richard Crystal, a career merchandiser who was head of R.H. Macy Co.'s specialty stores division, was approved by the Federal Bankruptcy Court in Baltimore as MGR's new chief executive officer. MGR announced his appointment last month.
Thomas Shull, the company's outgoing chairman and ceo, will remain on the board. Shull and James Kenney, MGR's former president and chief operating officer, have returned to Meridian Ventures, Hilton Head, S.C., their crisis management firm.
--Fairchild News Service

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