Saks Inc. chief executive officer Stephen I. Sadove will be the retailer’s next board chairman. He will replace, longtime board chairman R. Brad Martin, who will retire May 4. The announcements were made by the New York City-based company on Wednesday.
Martin has served as the company’s board chairman since 1987, and he served as the company’s chief executive officer from 1989 to January 2006.
“We are very grateful for Brad Martin’s leadership and guidance over the past two decades,” said Ronald de Waal, non-executive vice chairman of the Board. “The company’s enormous growth over that timeframe certainly was driven by his entrepreneurial leadership and guidance.”
Sadove added, “Brad Martin has been an invaluable adviser and partner. During Brad’s tenure, the Saks team accomplished a great deal. He was instrumental in creating opportunities for associates and value for shareholders as the company grew quickly in a highly competitive and consolidating industry, while increasing our share price at an attractive compound rate during this time. Of course, I am honored and excited about the opportunity to expand my role on the Board of Directors.”
Martin said, “I have enjoyed the myriad of opportunities and challenges at Saks Incorporated and believe we have accomplished much over the last twenty years. Steve Sadove was the right choice to become CEO and is the right choice for the chairman position as well. He and I have worked closely together—first, as he served as a member of the board of directors of the company and then when he joined our management team in 2002. Steve is a proven leader and talented executive. I believe he is the best person to lead the management and Board of Saks Inc. now that the streamlined company’s focus is on Saks Fifth Avenue. I wish Steve and all of the Saks team the best for the future.”
Sadove joined the company’s management team in January 2002 as vice chairman, assumed the additional role of chief operating officer in March 2004, and was named CEO in January 2006. Before joining Saks, Sadove built a marketing and consumer products career spanning over 25 years with General Foods USA and Bristol-Myers Squibb. Sadove has served on the company’s Board since 1998.
Saks Inc. operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores, and saks.com. The company also operates Club Libby Lu specialty stores.