Saks CEO steps down as luxury retailer struggles under heavy debt load
January 2, 2026
Saks Global Enterprises, which operates Saks Fifth Avenue and Neiman Marcus, said Friday its CEO Marc Metrick stepped down, effective immediately. The company has been grappling with debt and increasing competition from different luxury players. Richard Baker, Executive Chairman of Saks Global, will take the CEO title. He will continue to serve as Executive Chairman. In a statement, Saks said Metrick left to pursue new opportunities. Hudson’s Bay Co., the Canada-based owner of Saks Fifth Avenue, split off the luxury retailer’s e-commerce business, Saks.com in 2021. In 2024, the spinoff acquired Neiman Marcus for $2.65 billion and changed its name to Saks Global.