R. Brad Martin, chairman of Saks Inc. (Birmingham, Ala.), will end his executive responsibilities and retire from the company's board, effective May 4, 2007. Stephen Sadove, currently ceo, will take over as chairman upon Martin's retirement.
Martin, the former Tennessee state congressman and retail visionary who built Proffitt’s from a regional department store in Knoxville, Tenn., into a nationwide organization by buying up other regional chains, has served as the company's chairman of the board since 1987. He was ceo from 1989 to 2006. In the high-flying 1990s, the company was seen as a model for smart growth and expansion.
In 1998, Proffitt’s bought Saks Fifth Ave., the New York-based fashion retailing icon, and changed the name of the company to Saks Inc., moving its headquarters to Birmingham, home of Parisian Department Stores, another one of its divisions. In the last several years, as the company has fallen on hard times, it has been selling off its regional brands — Proffitt’s and McRae’s to Belk Inc. (Charlotte, N.C.) in 2005; the Northern Department Store Group (Carson Pirie Scott, Bergner's, Boston Store, Herberger's and Younkers) to The Bon-Ton Stores Inc. (York, Pa.) in 2006; and the Parisian business to Belk, also in 2006.
“Brad Martin has been an invaluable adviser and partner,” said Sadove. “During Brad's tenure, the Saks team accomplished a great deal. He was instrumental in creating opportunities for associates and value for shareholders as the company grew quickly in a highly competitive and consolidating industry, while increasing our share price at an attractive compound rate during this time.”