Sadove Named to J.C. Penney Board
PLANO, Texas-Stephen Sadove, current chairman and CEO of Saks Inc., has been elected to the J.C. Penney board of directors.
Sadove will be leaving his post with Saks when the retailer's merger with Hudson's Bay Co. is finalized, at which time he will begin his role on the J.C. Penney board. He joined Saks as vice chairman in 2002, took on the additional post of chief operating officer in 2004 and then became CEO in 2006. He was named chairman and CEO in 2007.
Sadove also now serves as chairman of the board of the National Retail Federation. Thomas Engibous, J.C. Penney's chairman, said, "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." Engibous also cited Sadove's experience in consumer products, which includes executive posts with General Foods and Bristol-Myers Squibb.
J.C. Penney also said Geraldine Laybourne, chairman of KANDU, is leaving its board. The company said her departure will enable her to focus on KANDU, a startup consumer-technology company for children.