In addition to the CEO role, Richard Baker will continue to serve as Executive Chairman
Saks Global, a multi-brand luxury retailer, has notified that Executive Chairman Richard Baker has assumed the role of Chief Executive Officer (CEO) of the company, overseeing the luxury retail operations.
In addition to the CEO role, Baker will continue to serve as Executive Chairman. Saks Global and Marc Metrick have agreed Metrick will step down from his role as CEO. This transition reflects Metrick’s desire to pursue new opportunities, the company noted in an official statement.
Baker will work closely with the company’s management team to advance Saks Global’s transformation while delivering elevated experiences and highly personalised service to meet consumer demand for luxury retail.
“I look forward to continuing to work with our highly experienced management team, valued partners and other stakeholders to secure a strong and stable future for our company. Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position so that we can capitalise on the many opportunities we see for our company in the luxury market,” Baker noted.
On the other hand, Metrick added, “After nearly three decades with Saks, I will be stepping down as CEO. I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing and strategy. In 2015, I took over leadership of Saks Fifth Avenue, helping to drive innovation and growth during one of the most dynamic periods in retail history. I am deeply grateful to my colleagues, partners and the entire Saks community for their support and collaboration over the years”.
Reuters reported that the change at top comes days after the Wall Street Journal reported that the Neiman Marcus parent company is preparing for bankruptcy after missing an interest payment exceeding USD 100 million on debt from its Neiman merger.
