Saks Inc. asked three of its top executives, including its chief accounting officer, to resign, following an investigation by its audit committee related to the improper collection of vendor markdown allowances in one of its merchandising divisions.
The company this week asked for resignations from chief accounting officer Donald Wright and from Brian Martin, a senior vice president who served as general counsel during a 2002 investigation into the same issue. Saks Fifth Avenue chief administrative officer Donald Watros was also asked to resign with forfeiture of vested options and other financial penalties.
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