Posted 4/3/2013 07:41 pm
Updated 8 months ago
Dillard's Inc. of Little Rock said Wednesday that R. Brad Martin will not seek re-election to the board of directors at the retailer's annual shareholders meeting on May 18.
Martin, who has served on the board since 2008, has accepted a leadership position which will require "a significant time commitment", according to a company announcement released Wednesday. The release didn't say what position he took.
"I have enjoyed serving on the Dillard's board and I am truly proud of our accomplishments," Martin said in the release. "Dillard's is a terrific company with an outstanding management team and board of directors."
Martin is the former chairman of the board and CEO of Saks Inc. He currently serves Dillard's as chairman of the audit committee.
Martin was one of four board members that an activist shareholder, James Mitarotonda of New York, wanted elected to the board in 2008. Dillard's agreement to put Martin on the board avoided a proxy fight.
"As an experienced retailer, Brad's insight was invaluable as we navigated some tough years and emerged a stronger company," William Dillard II, Dillard's chairman and CEO, said in the release.