R. Brad Martin is stepping down from Dillard’s Inc.’s board after five years to take on an undisclosed leadership position.
Martin, 61, is the former chairman and chief executive officer of Saks Inc. and serves as chairman of Dillard’s audit committee. He will remain on the board until the retailer’s May 18 annual meeting.
Dillard’s said Martin’s new position would “require a significant time commitment.” “Brad’s insight was invaluable as we navigated some tough years and emerged a stronger company,” said William Dillard 2nd, chairman of Dillard’s. “We wish him the best in his new appointment and we value his ongoing friendship.”
Martin said, “I remain a friend of Dillard’s as well as a shareholder and will be following the company’s success closely in the future.”
Martin did not respond to a message left for him at The Martin Institute for Teaching Excellence, a group that helps develop teachers.
The former ceo joined Dillard’s board as part of an agreement with activist investors Barington Capital Group and The Clinton Group, in conjunction with Southeastern Asset Management Inc. That deal allowed Dillard’s to avoid a proxy battle with the investors, who wanted the company to tweak its operations.
Southeastern owns 19.2 percent of Saks, making it the luxe retailer’s biggest investor.