NEW YORK, Sept. 16 (UPI) -- U.S. retail giant Saks Inc. said its top two executives, Stephen Sadove and Ronald Frasch, would leave the firm after Hudson Bay Co. closes on its acquisition.
Chairman and Chief Executive Officer Sadove has been CEO since 2006 and became chairman in 2007. He joined the executive team as vice chairman in 2002, The Wall Street Journal reported Monday.
Frasch, the luxury retailer's president and chief merchant, began as vice chairman in late 2004 and has been in his current positions since 2007, the Journal said.
Both were expected to stay after Hudson Bay closed on the company in a deal initially valued at $2.8 billion, the Journal said.
"Steve and Ron have been a great team over the last nine years. They are admired and respected throughout both the company and the retail industry."Saks's lead director, Donald Hess, said in a statement Monday, "Steve and Ron have been a great team over the last nine years. They are admired and respected throughout both the company and the retail industry," said Saks's lead director Donald Hess in a statement.