RETAILING

Woolworth’s Top Exec Steps Down: Woolworth Corp., which last week announced an internal probe into possible accounting irregularities, said its chairman and chief financial officer stepped down temporarily. Chairman William K. Lavin, who also relinquished the post of chief executive, was replaced on an interim basis in both positions by John W. Adams. Adams, a board member since 1981, heads the special committee charged with the accounting investigation and also chairs the New York retailer’s audit committee. Woolworth, which is trying to recast itself as a specialty retailer by shedding its older, less profitable discount merchandise stores, didn’t appoint a replacement for Chief Financial Officer Charles T. Young. Woolworth said the two executives stepped down “voluntarily” pending the outcome of the special committee’s accounting probe.