Streamlining Saks
Birmingham, Ala.–based retailer Saks Inc. named several new executives to help streamline the company. Stephen I. Sadove, current vice chairman and chief operating officer, has been named chief executive officer of Saks Inc., succeeding R. Brad Martin, who will remain chairman of the board and continue some of his executive duties through 2006. Fred Wilson, current chairman and chief executive officer of Saks Fifth Avenue Enterprises, has resigned, and the company has eliminated the position. Sadove will assume Wilson’s responsibilities for SFAE. The company also announced that it would pursue “strategic alternatives” for its Parisian specialty department-store division and plans to complete the sale of its Northern Department Store Group to The Bon-Ton Stores Inc. early this year.
