Saks Executive Steps Down

Andrew Jennings resigns as president of Saks Fifth Avenue Enterprises.
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Saks

(SKS)

said Andrew Jennings resigned as president of its Saks Fifth Avenue Enterprises in order to return overseas, where he spent the majority of his 30-year retail career.

Stephen Sadove, the chief executive of Saks, will assume responsibility for the majority of Jennings' direct reports. Jennings joined Saks Fifth Avenue Enterprises in February 2004. Saks Fifth Avenue Enterprises consists of 54 Saks Fifth Avenue stores, 50 Saks Off 5th stores and saks.com.

The company doesn't plan to fill Jennings' role at this time. Shares of Saks were down 14 cents, or 0.9%, to $15.02 Monday.