FEDERATED BOLSTERS FINGERHUT

Byline: Valerie Seckler

NEW YORK — Federated Direct, the burgeoning e-commerce and catalog unit of Federated Department Stores, said Wednesday it has promoted Michael Sherman to president and chief marketing officer of Fingerhut Cos. and established an Office of the Principals at the Fingerhut unit.
The moves signal an effort to integrate Fingerhut’s fulfillment infrastructure and database marketing capacity across Federated Direct and raise the profile of Federated Direct’s e-commerce and catalog businesses, which include Macy’s By Mail, Macys.com, Bloomingdales.com, Bloomingdale’s by Mail and Fingerhut.
In his new capacity, Sherman will join with John Buck, Fingerhut’s president and chief operating officer, in the Office of the Principals. Both will report to Jeff Sherman, chairman of Federated Direct.
Buck will retain chief responsibility for finance, operations, and administrative functions, while Michael Sherman will be principally responsible for merchandising and marketing Fingerhut’s mail order businesses. Sherman had been Fingerhut’s executive vice president of business development and general counsel.
The changes became effective Monday.
“This is an organizational structure that makes a lot of sense for Fingerhut, and is consistent with our mission to leverage the Fingerhut infrastructure across all of Federated Direct,” said Jeff Sherman in a statement.
“By creating an Office of the Principals,” he added, “we are bringing two talented and experienced Fingerhut executives together under one umbrella, which will facilitate their working together in growing Fingerhut as an important part of Federated’s direct-to-customer business, while helping Federated Direct establish a broader presence.”
Jeff Sherman, a former president and 29-year veteran of Bloomingdale’s, was promoted to chairman and ceo of Federated Direct in March, as reported in WWD.
In addition to his new duties, Michael Sherman continues to lead Fingerhut’s acquisition efforts, serve as its chief legal officer, and have management responsibilities for Fingerhut’s catalogs, such as Arizona Mail Order, Bedford Fair, Popular Club Plan, Figi’s, Brownstone and Lew Magram.
Prior to joining Fingerhut in May 1996, Sherman was executive vice president of Hanover Direct.
Fingerhut, based in Minnetonka, Minn., was acquired by Federated in March 1999. Its e-commerce sites include fingerhut.com, andysgarage.com, myjewelry.com, atomicliving.com, outdoorspirit.com, birthdayhut .com, and pc-flowers.com. Fingerhut also owns equity stakes in Order Trust, Freeshop, roxy.com, handtech.com, ehow. com and ibirthday.com.

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