Saks Global CEO Marc Metrick is stepping down from the top position to pursue new opportunities, according to a company press release Friday. Metrick is replaced by Richard Baker, who will also continue to serve in his current position as executive chairman.
In his new role as chief executive officer, Baker will work to “advance Saks Global's transformation while delivering exceptional products, elevated experiences and highly personalized service,” per the release.
"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,” Baker said in a statement. “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 has worked at Saks for almost three decades, said he was proud of what the retailer has accomplished and “deeply grateful” to the company and its partners.
The executive shakeup comes at a tumultuous time for the luxury retailer, which said last week that it is “exploring all potential paths” to stability, and did not rule out Chapter 11 bankruptcy as a potential last resort amid financial troubles. The Wall Street Journal and others have since reported bankruptcy could be just days away due to a missed debt payment. Saks Global did not immediately respond to request for comment.
Saks Global was created by the $2.7 billion merger of luxury rivals Saks Fifth Avenue and Neiman Marcus at the end of 2024. The retailer has struggled ever since, dealing with diminishing sales, unpaid vendors and ballooning debt throughout 2025.
