executives, including the retailer's chief financial officer, plan to resign next year.
CFO Douglas E. Coltharp, Chief Accounting Officer Kevin Wills and General Counsel Charles Hansen each are each resigning rather than relocating from Brimingham, Ala., to New York. They have agreed to remain with the company through May 4, 2007.
Saks announced in August that, following the
sale of its Parisian business to Belk, it would consolidate its executive headquarters into the existing Saks Fifth Avenue home offices in New York. This consolidation is expected to be completed in the first half of 2007.
The responsibilities currently handled by Coltharp and Wills will be consolidated upon their resignations, and Michael Archbold, chief financial and administrative officer for the company's Saks Fifth Avenue Enterprises business, will assume these responsibilities and will be appointed CFO of the company effective May 4.
A search for Hansen's replacement as general counsel is under way.