Saks Global, the largest multi-brand luxury retailer in the world, announced that Richard Baker, Executive Chairman of Saks Global, has assumed the role of CEO, overseeing the company’s luxury retail operations.
Baker succeeds Marc Metrick, who will step down from his role as Chief Executive Officer to pursue new opportunities.
Saks’ announcement comes as the company is planning to seek bankruptcy protection after defaulting on a debt payment tied to its 2024 acquisition of the department store chain Neiman Marcus.
Saks Global was created in 2024 after Saks Fifth Avenue’s parent company, Hudson’s Bay Co., acquired Neiman Marcus for $2.65 billion.
In a statement, Baker said, “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 capitalize on the many opportunities we see for our company in the luxury market.”
Marc Metrick said, “After nearly three decades with Saks, I will be stepping down as Chief Executive Officer. 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. From building a world-class team to establishing saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished together. I am deeply grateful to my colleagues, partners, and the entire Saks community for their support and collaboration over the years.”
Baker added, “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. We thank Marc for his leadership and dedication and wish him continued success in his next chapter.”
By CEO NA Editorial Staff
