UPDATE 1-Hudson's Bay says Harrods executive to be Saks president
Sept 16 (Reuters) - Hudson's Bay Co said on Monday that Harrods executive Marigay McKee will become president of Saks Inc after the Canadian retailer acquires the upscale U.S. department store operator.
Earlier on Monday, Saks said that Chairman and Chief Executive Stephen Sadove and President and Chief Merchant Ronald Frasch are set to leave the company once it is acquired by Hudson's Bay.
The $2.4 billion deal, announced in July, has been approved by each company's board and is expected to close before the end of the year. The closing is subject to the approval of Saks' shareholders, among other conditions.
McKee joined upmarket British retailer Harrods in 1999 and has been chief merchant since 2011. She has been on the Harrods board since 2005. Harrods is owned by Qatar Holding.
Hudson's Bay also said it is creating an office of the chairman, consisting of Governor and CEO Richard Baker and Chief Operating Officer Donald Watros. Senior executives in the company's retail businesses, along with other key holding company executives and the heads of certain shared services units will report to the office of the chairman.
Among other changes announced on Monday, Hudson's Bay said that Jennifer de Winter, currently executive vice president and director of stores for Saks Inc, will become executive vice president and chief merchandising officer of Saks Fifth Avenue, where she will report to McKee.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Target cyber breach hits 40 million payment cards at holiday peak |
- Pizza outlet attacked as India, U.S. fail to cool diplomat row |
- New York Mayor-elect's reputation for lateness parodied on Twitter
- Putin critic Khodorkovsky free after pardon |