Saks Global Enterprises, the private company that owns Saks Fifth Avenue and Neiman Marcus, announced Friday that Marc Metrick is leaving his chief executive role effective immediately, with Richard Baker taking over as executive chairman. The change comes as the retailer navigates debt from its recent acquisition activity and a weakening outlook for luxury demand.
In its statement, Saks Global Enterprises said Baker, who currently serves as executive chairman, will replace Metrick in the CEO role. The company said Metrick will depart the company to pursue new opportunities, according to the announcement.
The transition is closely linked to the company’s financing and acquisition history. Saks Global Enterprises said it took on debt tied to its $2.65 billion acquisition of Neiman Marcus, completed in the summer of 2024.
Saks Global Enterprises also described steps it has taken to shore up cash after that deal. The company said it completed a $600 million notes offering in August to bolster liquidity following the Neiman Marcus acquisition.
Saks Global Enterprises further placed its challenges in a broader market context, saying it is dealing with increasing competition in a fragmenting luxury goods sector. The company pointed to expectations that global sales of luxury goods will contract for a second straight year in 2026.
The company’s leadership and brand structure traces back through earlier corporate moves. Saks Global Enterprises said Hudson’s Bay Co. split off Saks Fifth Avenue’s e-commerce business, Saks.com, in 2021, and that after acquiring Neiman Marcus three years later, Saks Fifth Avenue changed its name to Saks Global.
The company said Metrick has been with Saks Fifth Avenue since 1995 and held a variety of positions at Saks and Hudson’s Bay. He was named CEO of Saks Fifth Avenue in 2021 and CEO of Saks Global in 2024.
Saks Global Enterprises said Metrick’s departure takes effect immediately, leaving the executive chairman position in Baker’s hands as the company works to reduce its debt load.