Troubled Friedman’s Sees President Resign
June 30, 04
Troubled US jewelry retailer Friedman's has announced that company President and COO Doug Anderson has resigned to pursue other interests. Recently appointed CEO Sam Cusano will assume the role of president.
Friedman's also said that Steve Moore has been named Chief Administrative Officer, General Counsel and Secretary. He joins Friedman's from Service Merchandise Company where he served in the same capacity.
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.