Fishman new Rhodes CEO
Kimbrell leaves after five years at helm
By Clint Engel -- Furniture Today, July 19, 2004
Atlanta — Steve Fishman, a Rhodes Furniture director and investor with turnaround experience, has been named president and CEO of the Top 100 chain, replacing Bill Kimbrell.
Kimbrell took the helm of the 90-store, midpriced, South and Midwest retailer nearly five years ago in a management-led acquisition backed by Citicorp Venture Capital. He couldn't be reached for comment.
Joel Dugan, Rhodes executive vice president and chief financial officer, said Kimbrell left to pursue other interests. The company offered no other explanation for the top management change, nor would it say what becomes of Kimbrell's ownership stake.
In a press release, Saleem Muqaddam, Rhodes chairman and an executive with majority stakeholder Citicorp Venture Capital, said, "We're extremely pleased to have Steve in this leadership role. His extensive and intimate knowledge of the day-to-day workings at Rhodes assures us that his transition will be seamless."
About a month ago, Steve Hurwitz, senior vice president of marketing and a small Rhodes stakeholder since its acquisition from Heilig-Meyers, left the retailer as it began outsourcing more marketing functions. Dugan said that was an unrelated cost-savings move, and no other key management or other major changes are planned.
Muqaddam and Fishman didn't return telephone calls.
Fishman, who has been on the Rhodes board for five years, most recently operated consulting and investment firm SSF Resources in Omaha, Neb.
He was chairman and CEO of Frank's Nursery & Crafts, which he took public in 12 months, according to the Rhodes release.
At mass merchant Pamida Corp., where he was chairman and CEO, Fishman turned around the underperforming chain before negotiating its sale to competitor ShopKo. He also held executive positions with divisions of The May Co., Federated Department Stores and other chains.
Dugan declined to comment on whether or not Fishman's appointment was considered another turnaround move. He also wouldn't comment on whether the privately held Rhodes is profitable, but said, "We feel like we're fine. It's a good business."
There are no plans to sell the chain or take it public, he said, and "no specific plans at this point other than to run Rhodes. We just want to grow the business."
Rhodes was ranked No. 13 on Furniture/Today's latest survey of Top 100 furniture stores, with 92 stores and estimated furniture, bedding and accessory sales of $534 million in 2003, down nearly 2% from 2002. This year, it has closed stores in Albany, Ga., and Kansas City.
In the release, Fishman said he is "excited about this opportunity to get personally involved with the Rhodes team and its vendor partners. I look forward to growing sales and increasing profitability for both the short- and long-term, while helping shape Rhodes' future success."
