Chairman of Pic ‘n’ Save Chain Retires

Pic ‘n’ Save Corp. Chairman William Zimmerman, 65, retired Wednesday as chairman of the chain of stores that he founded nearly 35 years ago.

Zimmerman, who remains a director, is being succeeded by Lewis B. Merrifield III, 45, who has been a director and the company’s primary legal counsel since 1971. Arthur Frankel, 57, remains as president and chief executive, positions he has held since 1971.

The Carson-based Pic ‘n’ Save chain deals exclusively in close-out merchandise--goods purchased from wholesalers and manufacturers that can’t sell the items at their regular price. Zimmerman’s first store opened in 1950 in Culver City and since has grown to 90 outlets in seven Western states, primarily in California.

Zimmerman and his family last year disposed of their 22.4% of the company’s stock, said Bill M. Thomas, executive vice president and chief financial officer. Zimmerman has continued to be active in the company but “he has been wanting to curtail his activities for quite a while,” Thomas said.

In a prepared statement, Frankel said that he will continue to oversee day-to-day activities while Merrifield will focus on planning, development and external affairs.

LOS ANGELES COUNTY

Wilshire Bank, Los Angeles, has named Gene Elling, 37, president and a director. He succeeds Larry G. Frampton, founder of the 4-year-old bank, who has “resigned to pursue other interests,” the bank said. Frampton, 46, will remain a director of the bank and of its holding company, Wilshire Bancorp.

Sidney R. Petersen has been elected a director of Los Angeles-based Union Bank. Petersen, 54, retired last summer as chairman and chief executive of Getty Oil Co.

James A. Hollars has been named president of the Anchorlok division of Santa Monica-based Lear Siegler Inc. Anchorlok has headquarters in Compton.

James R. McNiel has been promoted to executive vice president of Fremont General Corp. a Los Angeles-based insurance holding company.