Pursuits
J.C. Penney Names Outgoing Saks Steve Sadove to Board
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J.C. Penney Co. named outgoing Saks Inc. Chief Executive Officer Stephen Sadove to its board, bringing in a luxury-retail executive to help CEO Mike Ullman turn around the department-store chain.
Ullman reclaimed the top job in April on an interim basis to stabilize J.C. Penney and help it rebound from ex-CEO Ron Johnson’s failed transformation. Sadove is set to leave Saks when its acquisition by Hudson’s Bay Co. is completed. That’s also when he will join J.C. Penney’s board, the Plano, Texas-based chain said today in a statement.