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Saks CEO Set to Join J.C. Penney Board to Help Turnaround Effort

Adding a seasoned retailer veteran to assist its turnaround efforts, department store J.C. Penney (NYSE:JCP) announced on Wednesday it has recruited Saks (NYSE:SKS) CEO Stephen Sandove to join its board of directors.The move comes a day after J.C. Penney relieved investors by giving new signs of progress in its plan to stem steep sales declines that have spooked Wall Street. J.C. Penney said the election of Sadove is effective upon his departure as chairman and CEO of Saks after that company completes its $2.9 billion takeover by Lord & Taylor parent Hudson’s Bay . “Steve built luxury retail chain Saks Fifth Avenue into one of the world's most prominent fashion retailers today. He also boasts a distinguished marketing and consumer products career spanning over 25 years,” J.C. Penney Chairman Thomas Engibous said in a statement.Sadove became vice chairman of Saks in 2002, assumed the role of chief operating officer in 2004 and then took the top job in 2006. Before Saks, Sadove worked at...

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  1. Saks CEO Sadove to become J.C. Penney director

    J.C. Penney Co Inc said on Wednesday that departing Saks Inc Chief Executive Stephen Sadove will become a director once he leaves his current job, in the latest chan...

  2. Saks in the Club

    The new Fox series girls club , about three ambitious female lawyers, is getting some Saks appeal.The David E. Kelley series -- which debuts later this month and aim...

  3. Saks Brings Luxury to Kazakhstan

    Luxury retailer Saks (NYSE:SKS) said Tuesday it is opening a Saks Fifth Avenue store in Kazakhstan next year.Saks plans to license the store slated to open in August...

  4. Luxury Retail Shuffle: Neiman Files for IPO, Suitors Circle Saks

    Neiman Marcus filed plans Monday for an initial public offering of up to $100 million in stock, about a month after the luxury retailer was said to turn down a merge...

  5. Winona Ryder Defense Calls Disgruntled Ex-Saks Worker

    A disgruntled former employee of Saks Fifth Avenue testified Friday in Winona Ryder's defense, accusing the security chief of Saks' Beverly Hills store of saying he ...

  6. Wall Street's dapper dons head to Chi-town for sharp suits

    FBN's Jeff Flock finds out what makes an Oxxford suit so special.

  7. Saks Hires Goldman Sachs to Explore Possible Sale

    FBN’s Jo Ling Kent on Saks hiring Goldman Sachs to explore strategic alternatives including a potential sale.

  8. Hurt by Sandy, Saks Holiday Quarter Profit Falls

    Saks (NYSE:SKS) posted a decline in fourth-quarter profit on Tuesday as Hurricane Sandy slowed sales in November, however it still managed to top Wall Street expecta...

  9. Saks Reveals Mixed 3Q Results, Sees Sandy Hurting Holiday Sales

    Saks (NYSE:SKS) reported mixed third-quarter results on Tuesday but remained cautious on the current quarter citing an uncertain macroeconomic environment and negati...

  10. Canada's Hudson's Bay to buy Saks for $2.4 billion

    Richard Baker is doubling down on his attempt to revive big-name department stores with a $2.4 billion bid to buy Saks Inc , bringing the iconic New York retailer un...

  11. Midday Market Report: 7/29/13

    Saks Fifth Avenue bought by Hudson's Bay

  12. Saks Shoots 18% Higher on Buyout Buzz

    Shares of Saks (NYSE:SKS) spiked 18% to five-year highs Wednesday morning following a report that the retailer has hired Goldman Sachs (NYSE:GS) to explore a possibl...

  1. Saks' new deal website

    Saks Off Fifth president Rob Wallstrom on the debut of the company’s new high-end discount website.

  2. Kazakhstan gets first Saks Fifth Avenue store

    Saks Inc opened its first Saks Fifth Avenue store in Kazakhstan on Sunday, as the retailer seeks to tap a growing appetite for luxury in emerging markets.The tri-lev...

  3. 'Saks' Window Display

    Behind the scenes of 'Saks 5th Avenue' window display

  4. Saks CEO, Chief Merchant to Exit Following Hudson Bay Deal

    Long-time Saks (NYSE:SKS) chief executive Stephen Sadove announced plans on Monday to exit the luxury department store once its proposed takeover by Hudson’s Bay clo...

  5. Saks Chief Sadove To Join J.C. Penney Board

    J.C. Penney Company Inc. on Wednesday said that Stephen I. Sadove, chairman and chief executive of Saks Inc. has been elected to Penney's board. Sadove is set to lea...

  6. Hudson’s Bay to Buy Saks in $2.9B Deal

    Lord & Taylor parent Hudson’s Bay agreed Monday to buy Saks (NYSE:SKS) for about $2.9 billion, as the Canadian company looks to expand its retail footprint and grab ...

  7. Report: Starwood's Barry Sternlicht Enters Saks Bidding

    Shares of Saks (NYSE:SKS) jumped 8.2% Friday and continued to tick higher in after-hours trading after a report surfaced that Starwood Capital’s Barry Sternlicht, wh...

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