Saks Inc. chairman and CEO Stephen Sadove will join the board of J.C. Penney once the Saks takeover is complete.
Hudson’s Bay Co. announced its plan to take over Saks in June. Once the takeover is complete, Sadove and president Ron Frasch will resign from the company.
“Steve Sadove is admired and respected across the retail industry,” Thomas Engibous, J.C. Penney chairman of the board, said in a statement. “Under his leadership, Steve built luxury retail chain Saks Fifth Avenue into one of the world’s most prominent fashion retailers today.”
The company also announced that Geraldine B. Laybourne is stepping down from J.C. Penney’s board.
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