Campeau Likely to Reshuffle Executives

Campeau Corp., a Toronto real estate development firm that owns Bloomingdale’s, Jordan Marsh and other U.S. retailing chains, is expected today to announce a restructuring of top management.

Spokeswoman Carol Sanger said Thursday that James T. Roddy, president and chief operating officer, and Carolyn Buck Luce, senior vice president, have resigned.

Details of a proposed management reshuffling are to be presented to Campeau’s directors at a meeting today in Toronto. Sanger declined to disclose details.

Before the resignations were confirmed, Don Tigert, an analyst with Burns Fry Ltd. in Toronto, said the moves would be surprising because Roddy and Buck Luce have been highly regarded senior executives instrumental in devising Campeau’s plans to invest in U.S. retailing.

“I’d have to think there is some kind of disagreement among top management on policy issues,” he said.

Roddy, 46, joined Campeau in March, 1985, and has been on the board. Buck Luce, 36, a former investment banker with Citibank and First Boston, was hired by Campeau in January, 1988.

In highly controversial deals, Campeau took over Allied Stores in 1986 and Federated last year. Since those purchases, the company has sold off extensive assets, including the women’s apparel chain Ann Taylor, to help pay down nearly $10 billion in debt.

It was recently disclosed that Olympia & York, a real estate concern held by Toronto’s wealthy Reichmann family, has made loans to Campeau and its Allied operation and has increased its stake in Campeau to 24.5%. Since the Federated purchase, speculation has been rampant that Campeau is having enormous difficulty paying off the debt.

Campeau also owns Ralphs Grocery in Compton. Byron Allumbaugh, chairman of that grocery chain, is expected to be named to Campeau’s board today.