Saks Global Appoints Richard Baker as CEO Amid Financial Challenges

Saks Global has announced that Executive Chairman Richard Baker will assume the role of Chief Executive Officer, succeeding Marc Metrick, who is stepping down to pursue new opportunities. Baker will continue to serve as Executive Chairman while leading the company's luxury retail operations.

In a statement, Baker expressed his commitment to the company's future:

"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."

Metrick, who began his career at Saks in 1995 and became CEO in 2021, reflected on his tenure:

"After nearly three decades with Saks, I will be stepping down as Chief Executive Officer. I am proud of what we accomplished together and deeply grateful to my colleagues, partners, and the entire Saks community for their support and collaboration over the years."

Baker acknowledged Metrick's contributions, stating:

"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."

This leadership transition occurs as Saks Global faces financial challenges. The company has been burdened with debt from its $2.65 billion acquisition of Neiman Marcus in 2024 and is reportedly preparing to file for bankruptcy after missing a debt payment related to the acquisition.

Saks Global, headquartered in New York, was formed in 2024 following the merger of Saks Fifth Avenue and Neiman Marcus. The consolidation aimed to better compete with other luxury retailers but has led to financial strain.

In August 2025, the company completed a $600 million notes offering to bolster its liquidity. However, the luxury goods market is expected to shrink for the second consecutive year in 2026, as affluent customers push back against steep price rises and economic uncertainty.

Baker, who has a strong background in real estate, is the owner of National Realty & Development Corporation and previously served as chairman of the board of directors for Retail Opportunity Investments Corporation.

As CEO, Baker will work closely with the management team to advance Saks Global's transformation while delivering exceptional products, elevated experiences, and highly personalized service to meet consumer demand for luxury retail.