U.S. Unit of Campeau Gets New Chairman

Campeau Corp.’s U.S. subsidiary today appointed G. William Miller, former Federal Reserve Board chairman and Treasury secretary, as its chairman and chief executive officer, one day after putting its department stores under bankruptcy protection.

Miller, 64, steps into a job created when Toronto-based Campeau last week split its U.S. operations from the parent company, giving them operating independence.

The U.S. unit is the parent of Federated Department Stores Inc. and Allied Stores Corp., which own such department stores as Bloomingdale’s, Jordan Marsh, Abraham & Strauss and Lazarus.

They were placed under protection from creditors under Chapter 11 of the federal bankruptcy law on Monday, enabling the stores to continue operating while Campeau tries to work out its financial troubles.

The Chapter 11 filing was the largest by a U.S. retailer, affecting about 100,000 employees and 258 stores in the United States, and the second-largest by a non-financial company after Texaco Inc., which sought court protection in 1987.

Campeau’s U.S. subsidiary also announced today that it will change its name from Campeau Corp. (U.S.) Inc. to Federated Stores Inc. and that John W. Burden III, chairman and chief executive officer of Federated and Allied, has quit effective Jan. 31 “to pursue other interests.”

Miller, chairman of G. William Miller & Co., a Washington-based merchant banking firm, has served on the boards of Campeau, Federated and Allied since 1987. He became Fed chairman in 1978. From 1979 to 1981, Miller was Treasury secretary under President Jimmy Carter.

Miller said the moves announced today represent significant developments in the company’s effort to reorganize under bankruptcy court supervision.

“The company is now positioned with a strong and experienced management team at all levels to manage what has always been a highly successful group of American retail businesses--with a new name that reflects our retailing orientation,” he said in a statement.