Sadove Named CEO of Saks Inc., Wilson Resigns
January 16, 2006-- Home Textiles Today,
Birmingham, Ala. —Saks Incorporated has named Stephen Sadove CEO, succeeding Brad Martin. Sadove is currently vice chairman and chief operating officer.
In addition, the position of chairman and CEO of Saks Fifth Avenue Enterprises has been eliminated, and Fred Wilson, who held that post, has resigned. Sadove will assume Wilson's responsibility for SFAE.
Martin will remain as chairman and continue his executive responsibilities such as focus on real estate matters, Club Libby Lu, and operations and strategic alternatives for Parisian. Toni Browning, president and CEO of Parisian; Mary Drolet, president of Club Libby Lu; and Paul Ruby, senior vice president of real estate, will report to him.
Andrew Jennings will remain president and chief operating officer of Saks Fifth Avenue, reporting to Sadove, and Ron Frasch will retain his role as vice chairman and chief merchant of Saks Fifth Avenue, reporting to Jennings. Mike Archbold, executive vice president and chief financial officer of SFAE, will report to Sadove.
Sadove joined the management team of Saks Inc. in January 2002 as vice chairman and assumed the additional role of chief operating officer in March 2004.
Saks Inc. has also approved a plan to explore strategic alternatives for its Parisian specialty department store business, which will generate 2005 revenues of approximately $700 million. The company anticipates completing the sale of its Northern Department Store Group to The Bon-Ton Stores, Inc. early in the first fiscal quarter of 2006.
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