Retailer Saks Incorporated announced that Christina Johnson has resigned as President and Chief Executive Officer of Saks Fifth Avenue Enterprises to devote more time to family matters.
Johnson's successor has been selected. The successor will be announced in December and will assume the role in January 2004. In the interim, Steve Sadove, Vice Chairman of the Company, will assume day-to-day leadership of the SFAE organization. Sadove joined the company in January 2002 to oversee the operations of both the company's business segments, SFAE and SDSG. Prior to joining the company, he held various executive positions of increasing responsibility with Bristol-Myers Squibb including President of Clairol.
Martin commented, “I would like to express my appreciation for Tina's many contributions to SFAE over the last 12 years, where she has held various positions of increasing responsibility, including her most recent post of President and CEO.
“We have accomplished much at SFAE during the last four years, including improving our merchandise planning and allocation systems; enhancing customer service levels; improving our store design; strengthening our store base through opening, remodeling, and closing key stores; and enhancing our marketing and customer relationship management initiatives. These efforts have positioned Saks Fifth Avenue for a very bright future, and we look forward to bringing a new, dynamic leader into the SFAE organization that can build upon our solid foundation and meaningfully accelerate revenue and earnings growth.”