Richard Baker Assumes CEO Role at Saks Global as Marc Metrick Departs
NEW YORK, 5 January 2026 – Richard A. Baker has been appointed Chief Executive Officer of Saks Global, the luxury retail group announced on 2 January, marking a significant leadership transition as the company navigates financial pressures following its 2024 acquisition of Neiman Marcus.
Leadership Transition
Baker, who has served as Executive Chairman of Saks Global, will maintain that position whilst assuming the additional responsibilities of CEO. He replaces Marc Metrick, who led the company since its formation in 2024 through the merger of Saks Fifth Avenue and Neiman Marcus Group.
The leadership change comes amid reports of financial strain at the luxury retailer, with speculation surrounding the company’s ability to service its debt obligations. Baker’s appointment signals a strategic shift as the organisation seeks to strengthen its market position and execute a transformation programme.
Baker’s Retail Background
Richard Baker brings extensive experience in luxury retail to the CEO role. He orchestrated the creation of Saks Global through the 2024 acquisition of Neiman Marcus, a deal that brought iconic properties including Bergdorf Goodman under the Saks umbrella. At the time of the acquisition, Baker outlined ambitious plans for the combined entity, emphasising synergies and market expansion.
The Executive Chairman’s dual role represents a consolidation of leadership authority as the company faces critical decisions regarding its portfolio and financial structure.
Key Facts: Saks Global Leadership Change
| Position | Details |
|---|---|
| New CEO | Richard A. Baker |
| Previous CEO | Marc Metrick (2024-2026) |
| Announcement Date | 2 January 2026 |
| Additional Role | Executive Chairman (retained) |
| Company Formation | 2024 (Saks-Neiman Marcus merger) |
Challenges Ahead
Baker assumes the CEO position at a pivotal moment for Saks Global. The luxury retail sector faces headwinds from changing consumer behaviour and economic uncertainty, whilst the company must integrate its 2024 acquisition and address questions about its capital structure.
Industry observers note that the departure of Metrick after just over a year in the role suggests urgency in addressing operational and financial challenges. Baker’s intimate knowledge of the company’s formation and strategic vision may prove crucial in navigating the current environment.
Frequently Asked Questions
Who is Richard Baker?
Richard A. Baker is a retail executive who served as Executive Chairman of Saks Global. He orchestrated the 2024 merger between Saks Fifth Avenue and Neiman Marcus Group that created the company. He has now assumed the additional role of Chief Executive Officer.
Why did Marc Metrick step down as CEO?
Saks Global has not provided detailed reasons for Metrick’s departure. The leadership change coincides with reported financial pressures at the luxury retailer, including concerns about debt servicing capabilities.
When was Saks Global formed?
Saks Global was created in 2024 through the acquisition of Neiman Marcus Group by Saks Fifth Avenue, bringing together multiple luxury retail brands including Bergdorf Goodman.
What properties does Saks Global own?
The company’s portfolio includes Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, representing some of the most prestigious names in American luxury retail.