Troubled Friedman's Names Cusano as New CEO
June 23, 04
Troubled US jewelry retailer Friedman's announced Tuesday that Sam Cusano has been named Chief Executive Officer. Cusano was most recently Chairman and CEO of Service Merchandise.
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Friedman’s is facing two major investigations, one by the US Securities and Exchange Commission and another by the US Justice Department. The investigations were initiated following a fraud lawsuit filed by Capital Factors against a company that supplied jewelry to Friedman's and others.
Friedman’s was de-listed from the New York Stock exchange in May. Just before that its CFO Richard Cartoon resigned after just five months on the job and two directors left after just two days.
Cusano has over 25 years of retail experience, with more than 10 years of experience in the jewelry industry with Service Merchandise. He also held senior financial executive positions with retailers Revco Drug Stores and G.C. Murphy Company.
“Sam is a proven retail leader who has earned respect not only in the jewelry industry, but also in the financial and retail industries at large,” said Allan Edwards, Friedman's Executive Chairman.