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Profile
Stephen I Sadove
Chairman and CEO Saks Inc. http://www.saksincorporated.com T 212-940-5305WWD.COM
Photo By Courtesy Photo
Stephen Sadove
Stephen I. Sadove is chairman and CEO of Saks Inc., the luxury department store retailer that operates Saks Fifth Avenue stores.
As helmsman for what he calls a “supertanker,” Sadove is charting a new course for Saks after years of strategic missteps and lackluster performance under previous leadership. His revival strategy, based on a “good-better-best” merchandise mix of accessible and high-end luxury, began to win back alienated core shoppers. He trimmed bloated management ranks and rekindled damaged vendor relationships.
Sadove graduated in 1973 from Hamilton College, a private liberal arts school in Clinton, N.Y. He then went to Harvard Business School to earn his MBA. Before joining Saks as vice chairman in 2002, Sadove was president of Bristol-Myers Squibb Worldwide Beauty Care, where he revamped the Clairol hair care brand before its sale to Procter & Gamble. Sadove served as chief operating officer at Saks before being named CEO in 2006. He added the title of chairman in 2007.
In 2006, Saks shed its regional department store chains, including Parisian, to focus on the venerable Saks Fifth Avenue. Sadove reversed moves made by his predecessors by reinstating Saks private labels and petites for women. He also revamped a flawed compensation model that led to inventory stock outs, those empty shelves that analysts had been complaining about for years.
As helmsman for what he calls a “supertanker,” Sadove is charting a new course for Saks after years of strategic missteps and lackluster performance under previous leadership. His revival strategy, based on a “good-better-best” merchandise mix of accessible and high-end luxury, began to win back alienated core shoppers. He trimmed bloated management ranks and rekindled damaged vendor relationships.
Sadove graduated in 1973 from Hamilton College, a private liberal arts school in Clinton, N.Y. He then went to Harvard Business School to earn his MBA. Before joining Saks as vice chairman in 2002, Sadove was president of Bristol-Myers Squibb Worldwide Beauty Care, where he revamped the Clairol hair care brand before its sale to Procter & Gamble. Sadove served as chief operating officer at Saks before being named CEO in 2006. He added the title of chairman in 2007.
In 2006, Saks shed its regional department store chains, including Parisian, to focus on the venerable Saks Fifth Avenue. Sadove reversed moves made by his predecessors by reinstating Saks private labels and petites for women. He also revamped a flawed compensation model that led to inventory stock outs, those empty shelves that analysts had been complaining about for years.
