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RAPAPORT... J.C. Penney Inc.'s board of directors elected Stephen I. Sadove as a new member of the board, effective upon his resignation from the board of directors at Saks Incorporated.
Sadove, the chairman and CEO of Saks, will depart the luxury retailer when its merger with Hudson's Bay Company is completed before the end of the calendar year. Sadove joined Saks' management team in January 2002 and became chief operating officer in March 2004. He was appointed CEO in January 2006 and became chairman in May 2007. He had served on the retailer's board since September 1998.
According to JCPenney's board, there are no arrangements or understandings between Sadove and any other person pursuant to which he was elected as a director. Sadove will be granted an award of restricted stock units that represents a pro-rata amount of the current annual equity award to non-associate directors based on the effective date of his election. Additionally, Geraldine B. Laybourne is stepping down from the JCPenney board.
“Steve Sadove is admired and respected across the retail industry. Under his leadership, Steve built luxury retail chain Saks Fifth Avenue into one of the world’s most prominent fashion retailers today. He also boasts a distinguished marketing and consumer products career spanning over 25 years. Steve is an outstanding addition to our Board and we look forward to leveraging his expertise as we focus on guiding the turnaround at JCPenney,” said Thomas Engibous, JCPenney's chairman of the board. “I would also like to thank Gerry for her time and contribution to the JCPenney Board of Directors and we wish her the best of luck with her new venture.”
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