NEW YORK — Michael Zaccaro, Saks Fifth Avenue’s senior vice president and general merchandise manager over men’s wear, children’s, cosmetics and fragrances, will join HSSI Inc. as chairman and chief executive officer.
HSSI, Chicago, is in Chapter 11 and is in the process of being acquired by Maverick Capital Equity Partners LLC. The deal is subject to bankruptcy court approval.
Zaccaro, who leaves Saks at the end of the month, will become an equity partner in HSSI and will have an office at Maverick Capital Equity Partners LLC at 780 Third Ave., here. He will join HSSI officially when the purchase by Maverick is completed, which is expected by Aug. 31. Maverick, a private fund bankrolled by Dallas investor Sam Wyly, has agreed to purchase the stock of HSSI in a deal worth $52.9 million.
At HSSI, Zaccaro will succeed Harvey Weinberg, who will remain a consultant through the transition period.
Zaccaro has been with Saks since 1992. He began his retail career in the men’s department at Bloomingdale’s in 1968, and held posts with Lord & Taylor, Jordan Marsh and Marshall Field’s. Saks has not named a replacement. HSSI operates stores under such names as Wallachs, F.R. Tripler, Baskin, Capper & Capper.