Chadsey new Musicland CEO4 Oct, 2005 By: Holly J. Wagner
Musicland has named Jack Chadsey chairman and CEO of the company, succeeding Eric Weisman, who will remain as an advisor to Musicland while he transitions to his new venture.
Chadsey, 57, takes the helm of the $1.2 billion, 900-store chain, after a 35-year retailing career.
"This is an exciting and challenging time to be part of the entertainment industry," Chadsey said. "I'm looking forward to leading Musicland as CEO while executing the new business strategies developed by the management team and key vendors."
Weisman took the reins after a Sun Capital Partners affiliate acquired Musicland from Best Buy in June 2003. Going forward, he will devote "the majority of his time and energy" to his newly formed company, Laser Partners, which is focused on investments in and strategic advice to consumer-serving businesses.
"During the past two years, Weisman and his team have virtually erased negative cash flow of more than $100 million, and every aspect of the business has improved," said Co-CEO Marc Leder. "Musicland now is poised for profitability and to retake its leadership position in the evolving world of entertainment lifestyle retailing."
Chadsey has held senior executive positions with retailers including May Department Stores Co., Kohl's, Dayton Hudson, Target and Sunglass Hut International.