Saks Incorporated has announced that Michael G. Archbold, Executive Vice President/Chief Financial and Administrative Officer of Saks Fifth Avenue, will resign his position effective April 13, 2007.
Archbold joined the Company in 2005 and was slated to assume the post of Executive Vice President and Chief Financial Officer of Saks Incorporated (Saks Fifth Avenue's parent company) on May 4, 2007. Archbold has accepted the position of Executive Vice President, Chief Operating Officer and Chief Financial Officer of The Vitamin Shoppe, a specialty retailer and direct marketer of vitamins and other health and wellness products. Archbold's current position of EVP/Chief Financial and Administrative Officer of Saks Fifth Avenue will not be replaced.
Stephen I. Sadove, Chief Executive Officer of the Company, noted, “Mike made many contributions while at Saks Fifth Avenue, and I wish him well in the future. We are very fortunate to have a talented and experienced team in place to perform our financial-reporting and other financial functions until we fill the Saks Incorporated EVP/CFO post.”
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores, and saks.com. The Company also operates Club Libby Lu specialty stores.