Sadove is also on the boards of Colgate-Palmolive Co. and Ruby Tuesday.
Thomas Engibous, Penney’s chairman, said, “Steve Sadove is admired and respected across the retail industry. Under his leadership, Steve built luxury retail chain Saks Fifth Avenue into one of the world’s most prominent fashion retailers today. He also boasts a distinguished marketing and consumer-products career spanning over 25 years. Steve is an outstanding addition to our board and we look forward to leveraging his expertise as we focus on guiding the turnaround at J.C. Penney.”
Given Sadove’s initiatives at Saks — modernizing the brand and its service levels, differentiating the merchandise assortment, expanding the Off 5th business and moving toward an omnichannel strategy — it’s no surprise some believe he’s the likely candidate to take over the ceo post after Penney’s ceo Myron “Mike” Ullman 3rd leaves. Ullman, who was former ceo Ron Johnson’s predecessor, is said to have stepped back into the position on an interim basis to spearhead a turnaround.
Brian Sozzi, former retail analyst and now ceo and chief equities strategist at Belus Capital Advisors, said, “Theoretically, Sadove was able to see the company’s internal plans before coming on the board as a director. That [Penney’s] was able to attract an industry veteran is a positive for the company.”
Sozzi also believes “Sadove will be Penney’s next ceo. He’s a young guy, a department store veteran. You don’t bring in someone like him to sit on the board and attend meetings every month.”
Sozzi added that Sadove’s network of industry executives could also help attract the “next wave of executives” who can help lead Penney’s as it works through the turnaround process.
Some industry sources dismissed the idea that Sadove would transition into the ceo role. Their belief is “that’s not the plan” and that Sadove “wouldn’t want it” even if the job was offered.
Shares of Penney’s on Wednesday rose 1.5 percent to close at $7.89 in trading on the New York Stock Exchange.
Separately, Penney’s board member Geraldine B. Laybourne is stepping down so she, as chairman of Kandu, can focus more time on the consumer tech startup for kids.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)