Saks Sees Executive Exodus as Shareholders Approve Deal
By DAVID MOIN and EVAN CLARK
NEW YORK — Hudson’s Bay Co.’s $2.9 billion takeover of Saks Inc. is set to close Monday and already personnel changes are sweeping through the retailer.
Saks shareholders signed off on the deal at a special meeting at the University Club here and the luxe retailer is expected to disclose several senior-level departures later today. Among those expected to be leaving is Robert Wallstrom, executive vice president of the corporation and president of Saks Off-5th, who sources said will become chief executive officer of Vera Bradley, the $540 million multi-channel company selling colorful accessories, handbags, luggage, eyewear, travel items and gifts. Before running Off-5th, Wallstrom managed the Saks Fifth Avenue Manhattan flagship.
Thanks for posting that. Wallstrom's been at Sak's for 15 years. If true, I wonder if he'll bring other execs from Saks? Probably. With the Hudson Bay/Saks merger, he should be able to poach some of the best talent.