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Finance-Team Fallout at Saks

Saks Inc. announced that it has asked for the resignations of three senior executives.

> > Chief accounting officer Donald Wright is asked to resign; chief financial officer Douglas Coltharp will stay on, but his bonus will be cut, and he will no longer be responsible for accounting or financial reporting matters.
The three executives asked to leave are chief accounting officer Donald Wright; Brian Martin, former general counsel and now a senior vice president in charge of overseeing Saks Fifth Avenue real estate; and Saks Fifth Avenue chief administrative officer Donald Watros. The company added that Watros was also asked to forfeit vested options and suffer other financial penalties.
Source: CFO


Published:2005-05-11
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