Penney names Saks CEO Stephen Sadove to board

Plano, Texas -- J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.



Sadove's election is effective upon his leaving Saks, which will occur once the acquisition of the upscale department store by Hudson's Bay Company is completed, which is expected by the end of the year.



Sadove is a highly regarded industry veteran. He is the current chairman of the National Retail Federation.



Penney also announced that Geraldine Laybourne is stepping down from the board to focus more time as chairman of Kandu, a startup tech company for kids.