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Saks to shake up managment under new ownership

NEW YORK (AP) -- Saks Inc.'s two top executives will leave the company once its sale to Hudson's Bay Co. is complete, while Harrods executive Marigay McKee will come on board as president of Saks Fifth Avenue.

The luxury retailer said in July that it would be acquired by Hudson's, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion. The deal still needs approval by Saks shareholders, but is expected to close this year.

Saks said Monday that Stephen Sadove, its chairman and CEO, and Ronald Frasch, its president and chief merchant, will be leaving the company when the deal is done.

In a separate announcement, Hudson's Bay said Marigay McKee would take over as president of Saks after the close. She has served as chief merchant of Harrods, the British department store, since 2011. Saks' stores director, Jennifer de Winter, will become chief merchandising officer for Saks, reporting to McKee.

Sadove joined the management team of Saks as Vice Chairman in 2002 and worked his way up, becoming CEO in 2006 and chairman a year later. Frasch joined the company in 2004 and was named president and chief merchandising officer in 2007.

Shares of New York-based Saks fell a penny to $15.87 Monday.