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Whitehall CEO Resigns

CHICAGO-Beryl Raff, who was to begin her post as CEO of Whitehall Jewellers, resigns and vows to give back compensation paid to date.

By Dana Dubriwny | Updated on September 08, 2005

CHICAGO-Just weeks before she was about to commence full-time employment as the Whitehall Jewellers Inc.’s CEO, the company received a letter from Beryl Raff advising that she is resigning all positions. Further, she indicated that she would be returning all compensation paid to her thus far.

According to SEC documents obtained by GSR, Raff was scheduled to receive an initial annual base salary of $500,000. Under the terms of her employment agreement, she would also receive cash payments in the amount of $1.95 million as transition compensation, payable in four equal installments of $487,500 on each of August 12, 2005, February 1, 2006, February 1, 2007 and February 1, 2008. Raff was also to receive an additional transition payment of $15,000 on August 12, 2005.

Raff’s credentials include several esteemed positions, including serving as senior vice president and general merchandise manager of fine jewelry for J.C. Penney Co. since 2001. Previously, Raff was with Zale Corp. for six years, including as its chief executive officer from September 1999 to February 2001 and as chairman from September 2000 until February 2001. Prior to joining Zale in 1994, Raff worked for Macy’s Department Stores, where she held executive jobs with responsibility for Macy’s jewelry business. Raff is a member of the Board of Directors of Jo-Ann Stores Inc.

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