Saks chairman and CEO Stephen Sadove has been named to the board of directors at J.C. Penney to fill a position being vacated by Geraldine Laybourne.
Sadove will be leaving his position at Saks soon as the upscale department store chain was recently sold to Hudson’s Bay Company. Sadove joined Saks in 2002 as vice chairman and assumed the additional post of chief operating officer in 2004. He became CEO in 2006 and the following year was named chairman.
“Steve Sadove is admired and respected across the retail industry. Under his leadership, 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,” said Thomas Engibous, chairman of the J.C. Penney board.
Prior to joining Saks, Sadove spent 11 years with Bristol-Meyers Squibb and before that 16 years with General Foods. He also serves on the board of Colgate-Palmolive, Ruby Tuesday and is chairman of the National Retail Federation.