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Sadove of Saks Inc. to join JCPenney board

Plano, Texas - Retiring Saks Inc. chairman and ceo Stephen Sadove has been elected to JCPenney's board of directors and will join when he completes his tenure at Saks. Current board member Geraldine Laybourne, chairman of start-up KanDu, is stepping down to concentrate on her new consumer technology venture.

Sadove joined Saks Inc. as vice chairman in 2002 and took on the additional role of chief operating officer in 2004. He became ceo in 2006 and chairman and ceo in 2007. He is credited with modernizing the company, steering it into omni-channel retailing and expanding the Saks Off 5th outlet division.

Hudson's Bay Company announced its acquisition of Saks earlier this year. The merger is expected to close by late 2013.

Before Saks Incorporated, Sadove held positions of increasing responsibility with General Foods USA from 1975-1991 and Bristol-Myers Squibb Company from 1991-2002, where he headed the company`s beauty care and nutritionals division. Under his stewardship, Clairol became the leading hair care business in the U.S. and the Herbal Essences brand re-launched and grew into a $700 million business.

JCPenney ceo Mike Ullman spent a few weeks on Saks' board of directors this year, joining in February and resigning in April after he was asked to return to JCPenney.

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