Sadove named ceo of Saks Inc.; Wilson resigns

By Staff -- Home Textiles Today, 1/9/2006 11:35:00 AM

BIRMINGHAM , Ala. – Saks Incorporated has named Stephen Sadove CEO, succeeding Brad Martin. Sadove is currently vice chairman and chief operating officer.

In addition, the position of chairman and ceo of Saks Fifth Avenue Enterprises has been eliminated, and Fred Wilson, who held that post, has resigned. Sadove will assume Wilson ’s responsibility for SFAE.

Martin will remain as chairman and continue his executive responsibilities.

Saks Inc. has also approved a plan to explore strategic alternatives for its Parisian specialty department store business, which will generate 2005 revenues of approximately $700 million. The company anticipates completing the sale of its Northern Department Store Group to The Bon-Ton Stores, Inc. early in the first fiscal quarter of 2006.