New York -- Saks Inc. announced that its chairman and CEO, Stephen I. Sadove, along with the company’s president and chief merchant, Ronald L. Frasch, plan to leave the company following the closing of its acquisition by Canadian retailer Hudson's Bay Co.
Donald Hess, lead director of Saks’ board of directors, commented: “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. Their leadership, strategic focus, collaboration, creativity, and enthusiasm for the business have molded Saks into an iconic omni-channel luxury retailer."
Sadove joined Saks's management team in 2002 as vice chairman and was named COO in March 2004. He was named chairman CEO in 2006, and took on the additional title of chairman in 2007.
Frasch was named president and chief merchandising officer of Saks, in 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.
The planned $2.4 billion acquisition of Saks has been approved by each company’s board of directors and is expected to close before the end of the calendar year. It remains subject to approval by Saks shareholders and customary closing conditions.