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RAPAPORT... Stephen I. Sadove, the chairman and CEO of Saks Inc. and Ronald L. Frasch, the president of the luxury retailer, will depart when the merger is completed with Hudson's Bay Company 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. Frasch joined Saks in January 2004 and was named president in February 2007.
In a joint statement, the men said they were proud of the legacy they would be leaving to Hudson's Bay and stated that Saks survived the recession and emerged a stronger, more disciplined organization. ''We have continued to modernize the Saks brand and elevate and differentiate our merchandise assortments. Our marketing efforts have become even more strategic and targeted and our brand and image marketing is among the best in the industry.''
Donald Hess, the lead director of Saks’ board, said, “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. Together, they have created an exceptional management team, a special company culture and a distinct fashion point of view. Through their leadership, the whole is truly so much greater than the sum of the parts."
Saks operates 41 Saks Fifth Avenue stores, 69 Saks Fifth Avenue OFF 5TH stores and saks.com.
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