Belk Installs New Board As It Eyes Growth
Regional department store chain Belk has unveiled its new board of directors, which will be led by retail veteran Steve Sadove who will serve as chairman.
Additionally, other new board members including Joel Bines, Bob Hull, and Jon Zinman, will join Don Hendricks, Belk’s CEO, in reinforcing Belk’s momentum as it focuses on creating a more personalized shopping experience, and further increasing customer engagement.
“I am pleased to welcome Steve, Joel, Bob, and Jon to the Belk family,” said Hendricks. “Today’s announcement demonstrates the strength of Belk’s vision and brand. After successfully completing a landmark transaction that positions our business for long-term growth earlier this summer, adding the breadth of retail knowledge and business acumen of our board will help enable Belk to reach new heights.”
The new board members are:
- Steve Sadove (Chairman): Sadove served as chairman and CEO of Saks Incorporated from 2007 to 2013. Prior to joining Saks, Sadove held senior positions at companies including General Foods (now Kraft Heinz) and Bristol-Myers Squibb Company as president of Clairol. He serves on the boards of Aramark, Movado, and Park Hotels, and is a founding partner of JW Levin Management Partners, a private equity firm. He is also an advisor to Mastercard and the former chair of the National Retail Federation.
- Joel Bines: Bines is a retail expert with more than 30 years of experience and a bestselling author. He currently serves as managing partner of Spruce Advisory, a boutique advisory firm serving ambitious investors and executives. Prior to founding Spruce Advisory, Bines led the Global Retail Practice at AlixPartners, where he worked with a wide range of retailers, brands, and consumer businesses, including multiple domestic and international department stores. He currently serves on the boards of Dormify, Grocery Holdings, and the Martin Luther King Jr. Memorial Foundation and is a Trustee of TITAS/Dance Unbound.
- Bob Hull: Hull is the founder and CEO of Integrity Strategic Solutions, an advisory services firm working with private equity and early-stage firms. He currently serves as the executive chairman of the Board of Tailored Brands as well as Board Director, Non-Executive Chairman for Party City, and Board Director and Audit Committee Chair for Mattress Firm. Hull formerly held leadership positions at Shoe Show, Inc. and Food Lion, and spent nearly two decades at Lowe’s Companies, including 14 years as CFO. He has previously served on a number of boards and is an active advisor in the nonprofit sector.
- Jon Zinman: Zinman is the managing member of JZ Advisors LLC, a firm that invests in and provides strategic advice for businesses and investors across a diverse set of industries. Throughout his more than 17 years of industry experience, he has worked as an investment analyst specializing in event-driven, process-intensive and post-reorganization situations; a board member for growing companies emerging from various forms of distress; and as a restructuring lawyer. Prior to founding JZA, Zinman previously served as a managing director at Silver Point Capital, a managing director at Solus Alternative Asset Management, and as an attorney at Kirkland & Ellis. Mr. Zinman currently serves on the board of directors of Mallinckrodt PLC and Tradesmen International.
“I see incredible opportunity ahead for Belk as it moves into the future, executes its growth strategy, and continues to deliver for communities across its region," said Sadove. “With its dedicated customer base and positive momentum following this summer’s transaction, Belk is well-positioned to thrive through its next chapter and beyond. I look forward to serving as the chairman of the Board and working in partnership with Don and the leadership team, as well as the highly accomplished board, as Belk continues to dominate as a leading department store and employer of choice.”
Charlotte-based Belk, Inc., a privately owned department store, opened its first store in 1888. Today, the retailer serves customers at nearly 300 Belk stores in 16 Southeastern states, at belk.com, and through its mobile app.
