The rumors about a possible departure of the CEO at Saks Global have been confirmed. Richard Baker, the Company’s Executive Chairman, has assumed the role of Chief Executive Officer (CEO) and retains his duties as Chairman. The company announced this on Friday. Marc Metrick, who led the luxury retail group as CEO, is stepping down after nearly three decades with the company.
Baker has extensive experience in the international merchandise business. He was the majority owner of the German Galeria Kaufhof, then one of the country’s largest retailers, through the Canadian Hudson’s Bay Company (HBC). Between 2015 and 2019, Baker headed the German chain. He managed their strategy with a focus on efficiency programs, branch network optimization and early integration of digital and physical commerce.
In the summer of 2024, Baker acquired the struggling German retailer through his investment firm NRDC Equity Partners. Galeria had just completed its third insolvency proceedings in three and a half years.
At Saks Global, Baker will work closely with the management team to drive the retailer’s ongoing transformation. The aim is to offer luxury customers high-quality products, an upscale shopping experience and personal service.
“I look forward to continuing to work with our highly experienced management team, our valued partners and other stakeholders to ensure a strong and stable future for our company,” Baker said in a statement. “At Saks Global, we will strengthen our position with our deep industry knowledge, our well-established relationships in the luxury sector and our talented people to capitalize on the many opportunities we see for our company in the luxury market.”
CEO leaves Saks after 30 years
Metrick, who joined Saks in 1995 and became CEO in 2015, led the company through a period of significant growth and innovation. According to a statement from the company, he now intends to pursue new professional opportunities.
“After nearly three decades at Saks, I will be stepping down as chief executive officer,” Metrick said. “I am proud of what we have achieved together and thank my colleagues, partners and the entire Saks community for their support and collaboration throughout the years.”
Baker praised Metrick’s contributions: “Marc has been a valued leader at Saks for many years. He has helped drive significant change and growth while solidifying the company’s enduring position in the luxury segment. We thank Marc for his leadership and commitment and wish him continued success in his next chapter.”
The leadership change comes amid ongoing financial scrutiny for Saks Global. The company faced pressure from high interest obligations and restrained consumer spending. This led to measures such as branch closures, workforce reductions and consideration of refinancing options. Although rumors of bankruptcy have circulated, Saks Global has stressed that such a filing would only be a ‘last resort’.
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