Saks CEO to exit after Hudson’s Bay deal closes; chief merchant also leaving
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.
Best Buy offers smartphone trade-in
Richfield, Minn. — Sept. 16, is the final day of a four-day promotion Best Buy Co., Inc. is offering to customers who want credit toward purchase of an iPhone 5.
Best Buy will give a minimum $100 trade-in credit for an iPhone 5 to any customers who brings in a working smartphone. Best Buy says that will make the iPhone 5, currently available on several major carriers for $99.99, free. Customers will still have to pay any applicable sales tax and activation fees.
Customers must be eligible for an upgrade and activate the iPhone 5 on a two-year contract with AT&T, Sprint or Verizon to take advantage of the offer. The phone for trade-In must power on, be free from water damage and screen cracks. If a customer’s phone is worth more than $100, they will receive the difference in a Best Buy gift card.
Best Buy is running this promotion ahead of a similar promotion Wal-Mart is planning. Starting Sept. 21, consumers will be able to receive immediate credit toward the purchase of a new smartphone when they trade in their current smartphone at participating Wal-Mart stores and Sam’s Club locations. Wal-Mart’s trade-in program offers an immediate credit from $50 to $300 for more than 100 smartphones.
Vornado CEO Steven Roth resigns from Penney board
New York — Steven Roth, chairman and CEO of Vornado Realty Trust, resigned from the board of J.C. Penney as company plans to sell its stake in the chain.
In a filing on Friday, with the U.S. Securities and Exchange Commission, Vornado said it will exit Penney in the “not-too-distant future. The company owns about 6.1% of Penney’s shares.