Richard Baker named CEO of Saks Global as Marc Metrick steps down

The rumors surrounding a potential CEO exit at Saks Global have been confirmed. Richard Baker, the company’s Executive Chairman, has assumed the role of Chief Executive Officer while retaining his chairman duties, the company announced on Friday. Marc Metrick, who had led the luxury retail group as CEO, is stepping down after nearly three decades with the company.

Baker has extensive experience in the international department store business. He was majority owner of Germany’s Galeria Kaufhof through Canada’s Hudson’s Bay Company (HBC), then one of the country’s largest retailers. Between 2015 and 2019, Baker oversaw the German chain, guiding its strategy with a focus on efficiency programs, store network optimization, and early integration of digital and physical retail.

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 procedure in three and a half years.

At Saks Global, Baker will work closely with the management team to advance the retailer’s ongoing transformation, delivering high-end products, elevated in-store experiences, and personalized service for luxury consumers.

“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 joined Saks in 1995 and became CEO in 2015, led the company through a period of significant growth and innovation. According to a company statement, he now intends to pursue new professional opportunities.

“After nearly three decades with Saks, I will be stepping down as Chief Executive Officer,” Metrick said. “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 praised Metrick’s contributions, saying, “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.”

The leadership shake-up comes amid lingering financial scrutiny for Saks Global. The company has faced pressure from high interest obligations and cautious consumer spending, prompting measures such as store closures, workforce reductions, and consideration of refinancing options. While bankruptcy rumors have circulated, Saks Global has stressed that filing remains a “last resort.”