J. C. Penney Company, Inc. announced that Stephen Sadove has been elected to its board of directors. Sadove is currently chairman and CEO of Saks Incorporated and will be leaving Saks upon completion of its previously announced merger with Hudson’s Bay Company. His election to the JCPenney board of directors is effective upon his leaving Saks.
“Steve Sadove is admired and respected across the retail industry. Under his leadership, Steve built luxury retail chain Saks Fifth Avenue into one of the world’s most prominent fashion retailers today. He also boasts a distinguished marketing and consumer products career spanning over 25 years. Steve is an outstanding addition to our board and we look forward to leveraging his expertise as we focus on guiding the turnaround at JCPenney,” said Thomas Engibous, JCPenney chairman of the board.
Sadove joined the management team of Saks Incorporated as vice chairman in 2002, assumed the additional post of COO in 2004, became CEO in 2006 added chairman to that title in 2007.
Prior to joining Saks Incorporated, Sadove held various positions of increasing responsibility with General Foods USA from 1975-1991 and Bristol-Myers Squibb Company from 1991-2002, where he headed the company’s beauty care and nutritional division.
Sadove currently serves on the board of directors of Colgate-Palmolive and Ruby Tuesday and also serves as chairman of the board of the National Retail Federation and chairman of the board of trustees for Hamilton College.