Saks' Chairman, CEO Stephen Sadove To Exit After Merger With Hudson's Bay

(RTTNews) - Retailer Saks Inc. (SKS) said Monday that upon completion of the Merger with Hudson's Bay Co. (HBC.TO), both Stephen Sadove, chairman and CEO of Saks, and Ronald Frasch, president and chief merchant of Saks, would be leaving the company.

Sadove joined Saks as vice chairman in 2002 and became its CEO in 2006 and chairman a year after, while Frasch, who joined in 2004, was appointed president and chief merchandising officer three years later.

In July, Saks agreed to be acquired by Hudson's Bay for about $2.24 billion. The merger has been approved by each company's board and is expected to close before the end of the calendar year, subject to approval by Saks shareholders and customary closing conditions.