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Sakes Execs to Resign in Consolidation

Saks Inc. said three top executives will resign on May 4, 2007, in keeping with earlier plans to consolidate positions in the wake of the divestiture of the Parisian department store division.

The three are: Douglas Coltharp, executive vp and cfo; Kevin Wills, evp of finance and chief accounting officer; and Charles Hansen, evp and general counsel.

In a related move, Michael Archbold will on the same date assume the post of executive vp and cfo, covering the duties now performed by Coltharp and Wills. Archbold, who joined the company in October 2005 and is the chief financial and administrative officer for the Saks Fifth Avenue Enterprises business, will report to ceo Stephen Sadove. A search for Hansen's replacement as general counsel is underway.

The retailer operates 53 Saks Fifth Avenue stores, 50 Saks Off 5th stores, and 62 Club Libby Lu specialty stores.

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