|Image: Womens Wear Daily (wwd.com) [Image Article Link]|
Despite speculation that former Hudson's Bay president Bonnie Brooks would become CEO of Saks Fifth Avenue, the job has been given to Marigay McKee, 'chief merchant' of Harrod's. She will begin her duties at Saks in mid-December of this year.
Saks CEO Stephen Sadove and president/chief merchant Ronald Frasch will both leave Saks after the sale is completed later this fall. Sadove stands to gain almost $23 million for his exit, while Frasch will gain almost $10 million.
Boards of directors for Saks and the Hudson's Bay Company have approved the Saks purchase by HBC. Saks shareholders still have to vote on the sale to HBC, and it's expected to pass. A 40-day "go shop" period recently expired, clearing the way for the deal's completion.
Further to the above, we were also provided this press release after we published the article above:
New organizational structure in place for growth
- Holding Company and Shared Services
- Chief Administrative Officer
- Chief Financial Officer
- Human Resources
- General Counsel
- President—Real Estate
- Executive Vice President—Store Planning, Construction & Design
- Executive Vice President—Shared Services Group
- Retail Business Units
- President—HBC Department Store Group (responsible for the Hudson’s Bay and Lord & Taylor banners)
- President—Saks Fifth Avenue (subject to approval of the merger transaction)
- Executive Vice President—Outlets
- Senior Vice President—Home Outfitters