Saks Global CEO Marc Metrick, a 30-year veteran of the luxury retailer, has stepped down to pursue “new opportunities,” the company announced Friday. Executive Chair Richard Baker, who owns the real estate firm NRDC and has a long history in retail, will assume the role.
The leadership shakeup comes after a Wall Street Journal report that Saks plans to file for bankruptcy protection following its failure to make a $100 million interest payment on debt tied to its 2024 merger with Neiman Marcus.
In a LinkedIn post, Metrick recounted his journey with Saks, which began in 1995 when he joined the Saks Executive Training Program straight out of college. “Today, over 30 years after joining Saks, I’m saying goodbye to a company, a group of brands, a family, a large piece of my being,” he wrote.
Metrick, who became president over a decade ago, noted the personal milestones he experienced alongside his career, including marriage, fatherhood, and overcoming personal challenges. “As I’m going through the process of moving on, I’ve realized that, while I’ll miss the job and all the exciting stuff that comes with it, it’s the people I’ll miss most,” he said.
He also highlighted the challenges faced by the company during his tenure, including the 9/11 attacks, the 2008 financial crisis, and the COVID-19 pandemic, saying he looks back with pride on the team’s accomplishments.
Baker, who will now take over the CEO role, brings decades of experience in retail and corporate leadership. The company did not provide a timeline for his official transition.