of thSaks Inc. announced that Kevin Wills, EVP of Finance and Chief Accounting Officer of the company, will become Executive Vice President and chief financial officer of Saks, effective May 4. Wills will continue to report to Stephen I. Sadove, Chief Executive Officer.
Saks said that during his ten years with the company, Wills has demonstrated his versatility and ability by successfully performing in key executive roles in the corporate finance and accounting areas as well as serving as the Chief Operating and Administrative Officer of Parisian. Wills assumed his current role in May 2005 with direct responsibility for the Companys accounting and financial reporting functions. Prior to joining Saks, Wills was Vice President and Controller of the Tennessee Valley Authority, and prior to that, an Audit Manager with Coopers & Lybrand.
Sadove commented, “Kevin has an outstanding financial and operational background and is well-suited to assume the key role of EVP/CFO of our corporation. We are very fortunate to have a person of Kevins caliber and experience to accept this important post. Kevin has played a variety of critical roles at Saks and has achieved success in each.”
Wills had previously notified the company that, for personal reasons, he would not relocate his place of employment from Birmingham, Alabama to New York City, and, as a consequence, intended to resign his employment effective May 4, 2007.
Sadove noted, “I am very pleased that Kevin has reconsidered and has accepted the EVP/CFO role.”
Wills will succeed Douglas E. Coltharp, the Companys current EVP/CFO. Coltharp, also based in Birmingham, elected not to relocate to New York City for personal reasons, and will resign on May 4. Coltharp will become a partner at Arlington Capital Advisors, a Birmingham-based investment banking and private equity firm.
