William E. Haslam to Join Saks Incorporated.

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 11, 1999--Department store retailer Saks Incorporated (NYSE: SKS) (the "Company") announced William E. Haslam will join the Company on February 1, 1999 as President of E-Strategies for Saks Incorporated and as Special Consultant for Long-Range Planning for the Company. Haslam will report directly to James A. Coggin, President and Chief Administrative Officer of Saks Incorporated.

Haslam joined Pilot Corporation in 1980 and has served as President since 1994. Pilot is a national retail operator of convenience stores and travel centers, currently operating 156 facilities in 36 states with annual sales in excess of $2 billion. Pilot is a privately-held company founded in 1958 and is headquartered in Knoxville, Tennessee. Haslam is a graduate of Emory University in Atlanta.

R. Brad Martin, Chairman and Chief Executive Officer of Saks Incorporated, commented, "Saks Incorporated has grown rapidly and achieved much success during this extraordinary growth phase. Now that we have built one of the major retail enterprises in the United States, it is appropriate to take a longer-term view of our industry, our Company, and our operations and to do so as part of a comprehensive process which involves all aspects of our corporation.

"We are very fortunate that Bill Haslam will join our Company to lead the day-to-day execution of our critical long-range planning process. For seven years, I have served as a member of the Board of Directors of Pilot Corporation and have worked closely with Bill in this capacity. Bill's innovative leadership has contributed substantially to the remarkable growth and success of Pilot, and his intellect, management skills, business acumen, and strategic perspective make him the appropriate person to head this important effort."

Martin continued, "At Saks Incorporated, we are quite aware of potential internet-related applications which exist for our business through this emerging medium, including opportunities for business process improvement and more effective marketing and communication with our customers. Developing such applications will be an integral part of our long-range planning initiative.

"We believe there are specific internet-related retailing strategies that are appropriate for our Company. I am convinced that the long-term competitive viability of an internet-based retail concept will rely heavily on the power of its brand. Because of the authority and appeal of the Saks Fifth Avenue brand, developing electronic commerce opportunities will be an important focus for Saks Incorporated."

Coggin noted, "We are delighted that Bill will join the Saks Incorporated team. Bill's background and business experience make him a great fit for our corporation and the ideal person to lead the critical areas of long-range planning and electronic commerce."

Haslam commented, "I have had a very exciting and rewarding career with Pilot Corporation, and I will maintain my investment in the company and continue to serve on Pilot's Board of Directors. I am extremely excited to become a senior member of the Saks Incorporated team and look forward to the tremendous challenges and opportunities that exist in the areas of long-range planning and electronic commerce."

Saks Incorporated currently operates over 345 department stores and 4 free-standing furniture stores under the names of Saks Fifth Avenue, Proffitt's, McRae's, Younkers, Parisian, Herberger's, Carson Pirie Scott, Bergner's, Boston Store, and Off 5th. The Company also operates two direct mail businesses, Folio and Bullock & Jones. Saks Incorporated's annual revenues exceed $6 billion.