"Steve is a proven leader and talented executive. I believe he is the best person to lead the management and Board of Saks Incorporated 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 distinguished 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.
Mr. de Waal noted, "On behalf of the Board, we are pleased that CEO Steve Sadove will fill the role of Chairman. In my capacity as Vice Chairman of the Board, I have worked very closely with Steve for several years, and I am very confident that he has the background, expertise, and skills necessary to lead our Company and our Board in the years ahead."
Sadove concluded, "I am very excited about the future of Saks. I am confident that we have the team, strategies, and initiatives in place to meaningfully improve the Company's operating performance, and I believe that we can create shareholder value with this business."
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