NEW YORK--Jamesway Corp. received bankruptcy court approval Tuesday to name Herbert Douglas as its new president and chief executive officer.
This confirms a report in these columns on page 2, Aug. 25.
Douglas, who leaves rival discounter Bradlees Inc., where he was executive vice president in charge of merchandising, signed a three-year deal that will pay him $500,000 per year.
As part of the agreement, Douglas will also take home a $319,000 signing bonus when he formally assumes the titles of president and ceo on Thursday.
Last week, Secaucus, N.J.-based Jamesway said it had chosen a new ceo but would not reveal the individual's identity until the court approved the appointment because the appointee was employed by a "major competitor."
As reported, Jamesway was forced to look for a new chief executive after Joseph Ettore resigned June 10 to become president and ceo at Ames Department Stores.
Also on Tuesday, Jamesway received the court's approval for its selection of Thomas Kiley as vice president of merchandising.

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