Saks Fifth Avenue in New York Credits: Saks 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…
