Specialty family footwear retailer Payless ShoeSource Inc has completed its previously announced senior management succession.

Matthew Rubel has been elected chief executive officer and president of the company, effective today, while Howard Fricke has been named chairman of the board. Rubel has also joined the company's board of directors.

Steven Douglass has resigned from the board of directors and from his positions as chairman and chief executive officer of the company.

Payless ShoeSource Inc is the largest specialty family footwear retailer in the Western Hemisphere.