Saks Global announced on Friday that CEO Marc Metrick has stepped down, with executive chairman Richard Baker named as his successor, as reports swirl that the luxury retailer is preparing for bankruptcy.
The leadership change comes just days after The Wall Street Journal reported that the Neiman Marcus parent company missed an interest payment of more than $100 million tied to debt from its merger, prompting preparations for a potential bankruptcy filing.
Metrick spent nearly three decades at Saks, overseeing the company’s luxury portfolio, including Saks Fifth Avenue and Neiman Marcus. He had served as CEO of Saks Global since its formation in July 2024, where he played a key role in shaping the company’s digital transformation and overall strategy.
Incoming CEO Richard Baker is the owner of real estate firm NRDC and brings extensive experience across retail and property sectors. He has previously served as chairman of Retail Opportunity Investments Corp and as president of the Saks Fifth Avenue Foundation, which was established in 2017.
Saks Global said Metrick stepped down to pursue “new opportunities,” but did not provide further details.
