NEW YORK – Andrew Jennings has resigned as president of Saks Fifth Avenue Enterprises following a two-and-a-half-year tenure with the store.
SFAE said Jennings had made a “personal decision” to return overseas, where he spent the majority of his 30-year career in retailing. Stephen Sadove, chief executive officer of Saks Incorporated, SFAE’s parent, will assume the majority of Jennings’ responsibilities. The firm has no immediate plans to replace him.
“I respect Andrew’s decision, and he has graciously agreed to a month-long transition to make this a smooth and orderly process,” Sadove said in a statement. “Andrew has made many contributions to SFAE which have helped position the company for renewed growth and profitability. Andrew’s deep operating experience and disciplined management style have made him a valued colleague.”
Jennings was quoted as saying that he has “great confidence in the future of this legendary American brand.”
In addition to its 54 SFAE stores, Saks operates 50 Saks Off 5th units, saks.com and 62 Club Libby Lu specialty stores. Earlier this month, it reached an agreement to sell its Parisian department stores to Belk Inc., which previously had agreed to buy most of its department stores in the South. Bon-Ton is purchasing its Northern Department Store group.