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Christoper J. Stadler Elected to the Board of Directors of Saks Incorporated.

Business Editors

BIRMINGHAM, Ala.--(BUSINESS WIRE)--June 21, 2000

Retailer Saks Incorporated (NYSE:SKS) (the "Company") today announced that Christopher J. Stadler was newly elected to the Company's Board of Directors for a three-year term at its Annual Shareholders' Meeting today held in Memphis, Tennessee.

Mr. Stadler joined Investcorp in March 1996 as a Management Committee Member. Prior to joining Investcorp, Stadler was a Director at CS First Boston, and prior to that, a Managing Director of the Davis Companies, where he originated and evaluated principal investing opportunities for Marvin Davis. Stadler also previously served as a Managing Director at Bankers Trust. At both CS First Boston and Bankers Trust, he originated and executed loans, high yield bonds for acquisitions, and leveraged buyouts for several Fortune 500 clients. Stadler holds an MBA degree in Finance from Columbia University.

R. Brad Martin, Chairman and Chief Executive Officer of Saks Incorporated, commented, "We are very pleased that Chris Stadler has joined the Company's Board of Directors. With his exceptional business and financial background, Chris will make an outstanding contribution to our Board and to the Company."

Re-elected to the Company's 17-member Board of Directors for three-year terms today were Martin; Ronald de Waal, Chairman of We International; C. Warren Neel, Dean of the College of Business Administration at the University of Tennessee, Knoxville; and Marguerite W. Sallee, Chairman and Chief Executive Officer of Frontline Group, Inc. Continuing Directors of the Company are: Bernard E. Bernstein, partner in the law firm of Bernstein, Stair & McAdams; Stanton J. Bluestone, former Chairman and CEO of Carson Pirie Scott; John W. Burden, III, retired Chairman of Federated Department Stores and Allied Stores; James A. Coggin, President and CAO of the Company; Julius W. Erving, President of the Erving Group and EVP of the Orlando Magic; Michael S. Gross, Vice President of Apollo Capital Management; Donald E. Hess, CEO of Southwood Partners and former Chairman and CEO of Parisian; G. David Hurd, Emeritus Chairman of Principal Financial Group; Philip B. Miller, Chairman of Saks Fifth Avenue; Robert M. Mosco, President of Merchandising and COO of the Company; Stephen I. Sadove, President of Bristol-Myers Squibb Worldwide Beauty Care and Nutritionals; and Gerald Tsai, Jr., former Chairman, President, and CEO of Delta Life Corporation.

Retiring from the Board today were Edmond D. Cicala, President of Edmond Enterprises and retired Chairman and CEO of the Goldsmith's Division of Federated Department Stores, and Charles J. Philippin, a Management Committee Member of Investcorp.

Martin noted, "We thank Ed Cicala and Charlie Philippin for their service and numerous contributions to the Company's Board of Directors." In recognition of Mr. Cicala's dedicated service to the Board since 1987, the Board of Directors named Mr. Cicala Director Emeritus.

Saks Incorporated currently operates over 350 department stores in 39 states 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 a direct response business, Saks Direct, which includes the Folio and Bullock & Jones catalogs.
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Publication:Business Wire
Date:Jun 21, 2000
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