Morosky Resigns As Vice Chairman Of The Limited
COLUMBUS, Ohio (AP) _ Robert Morosky, who helped build The Limited Inc. into the largest women’s retailer in the world, has resigned as vice chairman and chief financial officer after 15 years with the company.
Although his last day on the job was Friday, his resignation was not announced until Monday. He said that, for legal reasons, he could not talk about when he told founder and Chief Executive Officer Leslie H. Wexner of his decision.
Wexner was not available for comment. A man answering the telephone at The Limited headquarters Monday night said a company spokesman would not be available until business hours.
Morosky, 46, decided to retire now because he said his leaving would not be disruptive.
″A principal executive on my basis can’t really pick and choose his retirement,″ he said. ″When you see any opportunity, you take it.″
He said he resigned to pursue other interests, including starting up an investment firm. He said he also wants to put some of his experience to work for the Catholic Diocese of Columbus in helping it find money for its parochial schools.
Though he resigned all his positions with The Limited, including his seat on the board, he said he will continue as a consultant to the company.
Kenneth Gilman, an 11-year veteran of The Limited, will take over for Morosky as chief financial officer. The position of vice chairman will go unfilled.
When Morosky joined The Limited in 1972, the company had about 20 stores and less than $9 million in annual sales. The company’s most recent report shows it with 2,800 stores and $3 billion in sales.
Market analysts were surprised by Morosky’s decision. He had given no hint that he would be leaving the company.
Stock in The Limited dropped 1 7/8 points to close at 43 1/2 Wednesday on the New York Stock Exchange.
Morosky is credited with developing controls that allowed the company to turn around money-losing operations such as Lane Bryant Stores, acquired in 1982, and Lerner Stores, bought in 1985, and with developing the support people in the company that have helped foster growth.
He also helped develop the company’s distribution system, based in Columbus with operations worldwide.
Morosky said he developed his retirement plans carefully after discussing them with his family.
″It’s difficult partly because of my close association with Les Wexner,″ Morosky said. ″My goal was to leave without any business interruption and on a positive basis.″