Sandove, Frasch to leave Saks upon merger with HBC
September 16, 2013-- Home Textiles Today,
New York - Retailer Saks Incorporated today announced that upon completion of its merger with Hudson's Bay Company, its two top executives will leave the company - chairman and ceo Stephen Sadove, and president and chief merchant Ronald L. Frasch.
The merger is expected to close before the end of the calendar year.
"Steve and Ron have been a great team over the last nine years. They are admired and respected throughout both the company and the retail industry," said Donald Hess, lead director of Saks' board of directors. "Their leadership, strategic focus, collaboration, creativity, and enthusiasm for the business have molded Saks into an iconic, omni-channel luxury retailer. Together, they have created an exceptional management team, a special company culture, and a distinct fashion point of view. Through their leadership, the whole is truly so much greater than the sum of the parts."
Sadove in January 2002 joined the management team of Saks Incorporated as vice chairman. Two years later, he assumed the additional post of coo. He then became ceo in January 2006. Finally, in May 2007, he assumed his current position of chairman and ceo of Saks Incorporated.
Sadove serves on the company's board of directors, a position he has held since September 1998. Sadove also served on the board of Saks Holdings Inc. from 1996 until its September 1998 merger with the company.
Frasch was named president and chief merchandising officer of Saks Fifth Avenue in February 2007. He joined the company in January 2004 and served in a non-executive role through November 2004 when he was named vice chairman and chief merchant of Saks Fifth Avenue.
"Saks has a great team, and working together, we have all accomplished so much over the last several years," Sadove and Frasch commented together. "We have continued to modernize the Saks brand and elevate and differentiate our merchandise assortments...We are extremely proud of the legacy that we are leaving to HBC."
Saks Incorporated currently operates 41 Saks Fifth Avenue stores, 69 Saks Fifth Avenue OFF 5TH stores, and saks.com.
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