J.C. Penney says Saks CEO Sadove to join board soon

Wed Oct 9, 2013 7:46am EDT

Oct 9 (Reuters) - J.C. Penney Co Inc said on Wednesday that Stephen Sadove will join its board of directors once he leaves the helm of department store chain Saks Inc .

Penney also said that Geraldine Laybourne is stepping down from the board to work on a startup consumer technology venture for kids called KANDU.

Sadove plans to leave Saks once it is acquired by Hudson's Bay Co. In August, Sadove declined to comment on whether he would consider becoming Penney's CEO.

Myron Ullman, Penney's current CEO, was on the board of Saks briefly this year. Ullman joined Saks' board on Feb. 4 and stepped down on April 8 when he once again became Penney's CEO.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.