Arthur Frankel has resigned as chairman of...

Arthur Frankel has resigned as chairman of Pic ‘N’ Save, a position he took less than four months ago to help the discount retailer through its transition after a corporate overhaul designed to end a proxy fight. Frankel, 63, has been replaced by Peter S. Willmott, 53, who joined Pic ‘N’ Save’s board in August. Frankel will continue as a director. Willmott formerly was chairman, chief executive and president of Carson Pirie Scott, the Chicago department store operator.