Word of the Day

Exchange-Traded Fund

In the wide and varied family of the thousands and thousands of funds out there, the exchange-traded fund is one of the more consumer-friendly ones.

Unlike mutual funds, exchange-traded funds, or ETFs, behave more like stocks. You can buy into an ETF at any time, and sell it whenever you feel like it. And like a stock, an ETF's value can rise and fall--depending on what the ETF is invested in.What do ETFs invest in? Well, they're typically linked to an index like the Dow Jones Industrial Average or the S&P 500. So, if you had an ETF that trades the same companies that make up the Dow or the S&P, it will rise and fall in value pretty much the same amount as the Dow or S&P.

You can also buy ETFs that invest in other types of products, like bonds, currencies, gold or other commodities. The ETF market has grown considerably in the past few years, so there is no shortage of ETFs to invest in.

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Thursday, June 12, 2008

Saks Incorporated Announces Saks Fifth Avenue Leadership Changes and Promotions

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Comtex

NEW YORK, Jun 12, 2008 (BUSINESS WIRE) ----Retailer Saks Incorporated (NYSE: SKS) ("Saks" or the "Company") today announced New York-based Saks Fifth Avenue leadership changes and promotions effective June 16, 2008.

Carolyn Biggs, Executive Vice President of Stores, announced her plans to retire on January 31, 2009, the Company's fiscal year end. Biggs joined Saks in 1993, and over her 15-year career, she assumed roles of increasing responsibility including Vice President of Merchandising for the New York Store, Senior Vice President and Director of Stores for the Northeast Region, and Senior Vice President and Director of Stores for Saks Fifth Avenue, before she assumed her current role in 2007. Prior to joining the Company, Biggs held key store and merchandising positions at Bullock and I. Magnin.

"Under Carolyn's leadership, our stores have made significant progress in delivering a service experience that exemplifies Saks Fifth Avenue," Steve Sadove, Chairman and Chief Executive Officer of the Company, stated. "She has been a driver of clienteling and store environment improvements that have enhanced store productivity and profitability. We appreciate her years of service, and we are grateful that she will remain with us over the next several months to work on a series of special projects. We wish her well in the future."

Jennifer de Winter, Group Senior Vice President and General Merchandise Manager of Jewelry, Shoes, Handbags and Soft Accessories will succeed Biggs as the Executive Vice President of Stores. De Winter joined Saks in 1995 as Vice President and Divisional Merchandise Manager of Jewelry and Fine Watches. Over time, her responsibilities were expanded to include women's shoes and handbags, and she was promoted to Senior Vice President and then to Group Senior Vice President in her current role. De Winter began her career in retail at Macy's where she held various positions of increasing responsibility.

Sadove commented, "Jennifer is an experienced leader with a proven reputation for collaborating and driving innovation and results. She and her team led the 10022-SHOE initiative and drove outsized growth in women's shoes, accessories, and jewelry during the last two years. Her skill set and background make her ideal to assume the responsibilities of her new post."

Cody Kondo, Senior Vice President and General Merchandise Manager for Menswear, Home, Food, and Gifts will succeed de Winter as the Group Senior Vice President and General Merchandise Manager for Jewelry, Shoes, and Accessories. Kondo joined Saks in 2000 as Senior Vice President of Menswear adding additional areas of responsibility to his role over the past eight years. Kondo began his retail career at Nordstrom where he held a variety of positions in stores and merchandising. His past experience also includes roles at Polo Ralph Lauren.

"Cody is one of the most talented and creative merchants in the industry," Sadove noted. "He has provided outstanding strategic direction and has been instrumental in dramatically improving our merchandise offerings in the men's area, leading to tremendous growth in this business over the past two years."

Tom Ott, Vice President and Divisional Merchandise Manager of Men's Tailored Clothing and Personal Furnishings, will succeed Kondo as Senior Vice President and General Merchandise Manager for Menswear, Home, Food, and Gifts. Ott joined Saks in 1995 as buyer of Men's Designer Clothing, and since that time, his responsibilities have continually expanded, and in 1999, he was appointed Divisional Merchandise Manager for Men's Tailored Clothing. Responsibility for men's shoes, accessories, food, and gifts were subsequently added to his area. Ott gained previous retail experience with Lord & Taylor and Gentry Clothiers.

Sadove commented, "Tom has played a pivotal role in the growth and transformation of our men's tailored clothing business and has implemented new initiatives to drive our gifts and home business.

"These leadership changes demonstrate our commitment to developing and promoting our internal talent to fill key roles across the organization, enabling us to capitalize on the strengths of our management team and continue our momentum at Saks Fifth Avenue."

De Winter, Kondo, and Ott will all report to Ron Frasch, President and Chief Merchant of Saks Fifth Avenue.

SOURCE: Saks Incorporated

Saks Incorporated Julia Bentley, 865-981-6243 www.saksincorporated.com

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   Wire 2008 ********************************************************************** As of Sunday, 06-08-2008 23:59, the latest
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