R. Brad Martin, Chairman of the Board of retailer Saks Incorporated has advised the Company that he will end his executive responsibilities with the Company, and retire from the Board of Directors, as of May 4, 2007. The Company also announced that its Board of Directors has appointed Chief Executive Officer Stephen I. Sadove as Chairman of the Board to take effect upon Martin's retirement.
Martin has served as the Company's Chairman of the Board since 1987, and he served as the Company's Chief Executive Officer from 1989 to January 2006.
On behalf of the Board of Directors, Ronald de Waal, non-executive Vice Chairman of the Board, added, "We are very grateful for Brad Martin's leadership and guidance over the past two decades. The Company's enormous growth over that timeframe certainly was driven by his entrepreneurial leadership and guidance."
Sadove commented, "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 noted, "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."
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