Saks Global installed Richard Baker, its executive chairman, as CEO to replace outgoing CEO Marc Metrick. The move, announced in a Jan. 2 press release, shifts leadership duties at the retailer as it faces an uncertain future.
Baker will step into the role as Saks Global reportedly considers Chapter 11 bankruptcy. The company has explored the possibility of a loan of up to $1 billion to continue operations, Bloomberg reported on Jan. 4.
The company missed an interest payment of more than $100 million on Dec. 30 and is seeking alternatives, with bankruptcy as one option.
Who is Saks Global’s new CEO?
Richard Baker will continue in his existing role as executive chairman at Saks Global, taking on new responsibilities as CEO. Baker, who comes from a real estate background, led efforts to secure Saks Global’s $2.7 billion Neiman Marcus acquisition. That deal included help from Amazon and Salesforce. Ultimately, it brought Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman together under one roof.
“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,” Baker said. “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 capitalize on the many opportunities we see for our company in the luxury market.”
Why Marc Metrick is leaving Sak Global
“After nearly three decades with Saks, I will be stepping down as Chief Executive Officer,” Metrick said in a released statement. “I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing, and strategy.”
Officially, Saks Global noted in its announcement that Metrick’s departure reflects his desire to pursue new opportunities. That transition brings his three decades with the Saks brand to a close.
“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,” Metrick stated. “From building a world-class team to establishing Saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished together.”
Baker praised Metrick’s contributions over the past 30 years.
“Marc has been a valued leader at Saks for many years, helping to drive significant transformation and growth while solidifying the company’s enduring position in luxury,” Baker said. “We thank Marc for his leadership and dedication and wish him continued success in his next chapter.”
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