NEW YORK — Edward Tomechko has been appointed executive vice president, chief financial officer, secretary and treasurer of Elder-Beerman Stores Corp., effective June 17.Tomechko, 53, was cfo and later chief executive officer of NetRadio Corp., a start-up company specializing in streaming media technology. Prior to that, he was senior vice president and cfo of David’s Bridal, which is now a unit of May Department Stores Co., and held the same post at County Seat Stores and Pickwick International.
Tomechko will succeed Scott Davido, 40, who joined Dayton, Ohio-based E-B as general counsel in 1997 and was promoted to his most recent post in 1999. Davido was a key player as Elder-Beerman battled dissident shareholders who wanted the company to be sold or its management overhauled in 1999 and 2000. Davido had been the sole survivor of a management troika that previously included Frederick Mershad as chairman, president and ceo and John Muskovich as president and chief operating officer. Muskovich left in July 2000 and Mershad this past January.
Davido’s plans aren’t known but E-B said in a statement he’d left “to pursue other opportunities.”
“We conducted a national search for a new cfo and Ed was our first choice,” said Byron Bergren, president and ceo of E-B, in a statement. “He has a significant track record with more than 30 years of experience in retail finance.”Tomechko will report to Bergren.
Pummeled by a $14 million charge for a change in accounting, E-B lost $17.5 million, or $1.54 a share, in the first quarter ended May 4 as revenues grew 1.1 percent, to $149 million, and comparable-store sales dropped 2.8 percent. However, the company, which operates 66 stores in eight states, did manage to post a 14 percent increase in net income, to $10 million, despite a sales decrease of 4 percent, to $228 million, during the fourth quarter of last year.