JCPenney Nabs Saks Fifth Ave CEO
Posted Thursday October 10, 2013 10:14 AM GMT
What do Saks Fifth Avenue and JCPenney have in common besides selling boatloads of clothes? Certainly not their profit reports! Rather, a man by the name of Stephen Sadove.
JCPenney has been under fire for record losses as of late, and in an attempt to revive the brand, things got worse. The retailer hired and soon fired CEO Ron Johnson after a series of failed experiments like eliminating all promotions. (What was he thinking?)
In another attempt to save Penney, the company announced Wednesday (October 9) that they’re hiring Saks Fifth CEO Stephen Sadove. Mr. Sadove is a respected leader in the retail industry and has been elected to Penney’s Board of Directors. He’ll join the company when the acquisition of Saks by Hudson’s Bay Co. is completed.
Not that we like talking numbers, but according to Bloomberg, JCPenney shares jumped 2.4 percent to $7.96 when the news broke. It won’t be an easy comeback, but with Sadove on board, we’re hopeful, too.