Saks Incorporated Announces Executive Promotions

Business Wire, Feb 21, 2001

Business Editors

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Feb. 21, 2001

Retailer Saks Incorporated (NYSE:SKS) ("Saks" or the "Company") today announced three promotions to Executive Vice President, effective immediately.

G. William Franks has been named to the post of Executive Vice President and Chief Information Officer, succeeding Dan Smith, who retired from that same post on January 31, 2001. Franks will report directly to Jim Coggin, President and Chief Administrative Officer of the Company. Franks joined Saks Incorporated in June 2000 as Senior Vice President and Associate Chief Information Officer and has thirty years of experience in the field of information technology. Prior to joining Saks, he held IT management positions at other major consumer corporations, including Neiman Marcus, where he most recently served as Chief Information Officer, and at Pepsico/Frito Lay.

Jim Coggin noted, "Bill is an outstanding and highly qualified IT executive and one of the most respected CIOs in the retail industry. His vast experience with such firms as Neiman Marcus and Pepsico make him the ideal leader to head our information technology operation, which is so critical to the future success and growth of Saks Incorporated."

Coggin also noted, "Dan Smith became the CIO of the Company concurrent with the acquisition of Saks Fifth Avenue. He joined our team at a critical juncture in our history when the IT area was facing mammoth challenges including Y2K compliance, major systems conversions, web-enabling our Company, and the development of our IT strategic plan. Dan and his team met each challenge superbly and laid a firm foundation for future success."

R. Thomas Coan has been promoted to the newly-created post of Executive Vice President of Human Resources for Saks. Coan joined the Company as Vice President of Human Resources in April 1997, from Hecht's, a division of The May Department Stores Company, where he held various human resources management positions. He will continue to report directly to Jim Coggin.

Coggin stated, "We are delighted to promote Tom Coan to this important post. Tom is a proven leader within our organization, and he possesses a wealth of human resources knowledge and expertise. Since 1997, Tom's leadership has been key to shaping and superbly executing several initiatives in the critical areas of recruiting, training, and benefits and in elevating our status as a great place to work. His future direction will be instrumental to the Company's continued outstanding performance and reputation in this very important area of the organization."

Donald E. Wright has been named to the newly-created position of Executive Vice President of Finance and Chief Accounting Officer for the Company. Wright has served as Senior Vice President of Finance and Chief Accounting Officer since joining the Company in 1997. Prior to that, he was a Partner with the international accounting firm of Coopers & Lybrand LLP (now PricewaterhouseCoopers). Wright will continue reporting to Doug Coltharp, Executive Vice President and Chief Financial Officer of the Company, and will oversee the Company's financial reporting, tax, lease administration, corporate accounting, retail accounting, and inventory control areas.

Coltharp commented, "We are very pleased to promote Donald Wright to this critical post in our organization. Since joining the Company, Donald has significantly improved our financial information systems, strengthened the financial team, enhanced the quality and timeliness of our internal and external financial and tax reporting, and successfully addressed many complex accounting issues associated with our numerous acquisitions and mergers. Don's leadership and vast experience make him a critical part of our organization."

Saks Incorporated currently operates Saks Fifth Avenue Enterprises, which includes 62 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and Saks Direct, and its Department Store Group with 252 traditional department stores under the names of Proffitt's, McRae's, Younkers, Parisian, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store.