Saks Execs Out Following Hudson's Bay Merger

Saks Incorporated reports that both Chairman and CEO Stephen I. Sadove and President and Chief Merchant Ronald L. Frasch will be be leaving the retailer upon completion of the merger with Hudson's Bay Company. Donald Hess, lead director of Saks board of directors, said, "Steve and Ron have been a great team over the last nine years. They're admired and respected throughout both the company and the retail industry. Their leadership, strategic focus, collaboration, creativity and enthusiasm for the business have molded Saks into an iconic omnichannel luxury retailer."