PLANO, Texas (AP) — J.C. Penney said Wednesday that Saks Chairman and CEO Stephen Sadove is joining its board of directors.
The department store operator also said that board member Geraldine B. Laybourne is leaving her post so that she can focus more on her role as chairman of technology company Kandu.
Sadove will be leaving that luxury retailer Saks Inc. once its acquisition by Hudson's Bay Co. closes. He will join J.C. Penney's board at that time. Sadove has served as CEO of Saks since 2006 and became its chairman a year later.
Saks announced in July that it would be acquired by Hudson's, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion. The transaction is expected to close this year.
J.C. Penney Co.'s announcements Wednesday come one day after the retailer said that a key revenue figure wasn't as bad in September as it was in August. The Plano, Texas, company also said that it expects to have ample cash on hand at year's end.
It said that revenue at stores opened at least a year fell 4 percent in September from a year ago. The same measure fell 9.8 percent in August. Revenue at stores open at least a year is a key gauge of a retailer's health because it excludes the potentially distorting effect of results from stores recently opened or closed.
The retail chain anticipates more than $2 billion in year-end liquidity — a measure of its ready access to cash — after closing on a public stock offering of 84 million shares. The company said that the offering resulted in about $785 million in net proceeds. It said at the time that it will be using the proceeds from the offering for general corporate purposes.