NEW YORK-When Saks’ merger with Hudson’s Bay Co. is finalized, the retailer’s chairman and CEO, Stephen Sadove, and president and chief merchant, Ronald Frasch, will leave the company, according to a Saks statement.
The planned merger, which was announced in July, is expected to be completed by the end of the calendar year. The statement did not comment on who would assume the leadership of Saks once Sadove and Frasch leave.
Sadove has served as chairman and CEO since 2007. He joined the retailer in 2002 as vice chairman and was named chief operating officer in 2004. In 2006, he became CEO. Frasch has been president and chief merchant since 2007. He joined Saks in 2004 in a non-executive role, and was named vice chairman and chief merchant later that year.