Saks Says 2 Top Executives to Depart After Buyout

Saks Fifth Avenue | Source: Saks Fifth Avenue

NEW YORK, United States — Saks Inc. says two of its top executives will leave the company once its sale to Hudson’s Bay Co. is complete.

The luxury retailer said in July that it would be acquired by Hudson’s, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion.

Saks said Monday that Stephen Sadove, its chairman and CEO, and Ronald Frasch, its president and chief merchant, will be leaving the company when the deal is done.

The deal still needs approval by Saks shareholders, but is expected to close before the end of 2013.

Sadove joined the management team of Saks as Vice Chairman in 2002 and worked his way up, becoming CEO in 2006 and chairman a year later. Frasch joined the company in 2004 and was named president and chief merchandising officer in 2007.

The New York-based retailer’s stock was unchanged at midday at $15.88.