Steven M. Somers is resigning as chairman and chief executive of I. Magnin to become president of San Francisco-based Initials Plus, a fledgling company that sells monogrammed gift items through a network of sales representatives.
No replacement has been named for Somers, who leaves San Francisco-based I. Magnin on Feb. 1, said a spokesman for Federated Department Stores, parent of I. Magnin.
Somers, 47, has worked for Federated for 17 years. He became president of I. Magnin in 1979 and was named chairman in 1982.
Initials Plus, which went public on Oct. 1, sells monogrammed gift items from its catalogue through a system of "personal retailers"--much like Avon or Tupperware products are sold. However, Initials Plus' personal retailers act as independent franchisees and do not, as in many other direct sales organizations, get a percentage of the business done by salespeople they recruit to the organization, Somers said.