Chairman/CEO replaced by Jack Chadsey.

In a surprise move, Eric Weisman resigned today (Oct. 3) as chairman/CEO of the 900-unit Musicland retail chain. Replacing Weisman is 35-year retail veteran Jack Chadsey.

Chadsey's past includes senior positions at the May Department Stores Company, Kohl's, Dayton Hudson, Target and Sunglass Hut International.

"I'm looking forward to leading Musicland as CEO while executing the new business strategies developed by the management team and key vendors," said Chadsey in a statement.

Chadsey is referring to the business plan put together by Weisman and Musicland's senior management in an attempt to bring the chain back to profitability after Sun Capital assumed ownership of the chain from Best Buy in June 2003. Since then, Weisman and his team have virtually erased negative cash flow of more than $100 million, a press release states.

Weisman has formed Laser Partners, which will focus on strategic advice and investments in consumer businesses.