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Retail Ventures is cutting at least $1 million in expenses by deciding not to renew the contract of its president and chief executive.

Heywood Wilansky, who has served in that role since 2004, will leave the chain effective Jan. 31, the company said yesterday. The Columbus-based company called it a cost-saving move.

Wilansky's departure "will contribute to cost-savings objectives consistent with the company's new corporate structure," the company said in a statement.

Wilansky and company officials couldn't be reached to comment. There was no word on when or whether a replacement would be sought.

While getting rid of a CEO for purely financial reasons is rare, such departures aren't, especially in such tough economic times, said John Challenger, president of Challenger, Gray & Christmas Inc., a global outplacement-consulting firm based in Chicago.

"There's no question that there's a lot of pressure on companies' bottom lines because of the pro Heywood wilansky biography of christopher lee!