NEW YORK, June 18 /PRNewswire/ -- P. Schoenfeld Asset Management LP (PSAM) announced today that its proposal to declassify Saks Incorporated's (NYSE: SKS) Board of Directors was overwhelmingly endorsed by more than 93% of the shares voting for or against the proposal at Saks' annual meeting on June 3, 2009, based on the preliminary results provided to Saks and PSAM by IVS Associates, Inc., the independent inspector of elections.

The New England Carpenters' Pension Fund's proposal, which PSAM supported, to have the Board initiate the process to adopt a majority voting standard for the election of Board members (whereby Board nominees would need to receive over 50% of the votes cast to be elected) earned the support of more than 54% of the votes cast for or against the proposal at the meeting.

'The message from Saks' shareholders is unequivocal and the time to act is now,' said Peter Schoenfeld, Chairman and Chief Executive Officer of PSAM. 'We look forward to working with Stephen Sadove and the rest of the Saks Board to implement these shareholder mandates as quickly as possible given the overwhelming support we received to vastly improve the present state of corporate governance at Saks. Good corporate governance is consistent with our common goal of providing increased shareholder value. We anticipate that the Board will work constructively with us toward making the Board declassification and majority voting standard proposals a reality. We believe that shareholders will approve both proposals by the required margin if the Board respects their wishes and provides genuine support to the initiatives.'

SOURCE P. Schoenfeld Asset Management LP