Saks Global CEO Departs Amid Bankruptcy Preparations
Richard Baker has left his position as CEO of Saks Global just days after his appointment, as the company faces bankruptcy. Geoffroy van Raemdonck will lead the restructuring effort with $1.75 billion in financing secured to keep key stores open.
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In a surprising turn of events, Richard Baker richard bakerhas stepped down as CEO of Saks Global less than two weeks after assuming the position on January 2, 2026. This abrupt departure comes at a critical time for the luxury retail conglomerate, which is preparing for imminent bankruptcy proceedings. The company has named Geoffroy van Raemdonck geoffroy van raemdonck, former CEO of Neiman Marcus, as Baker's successor. Van Raemdonck will guide Saks Global through the expected debt reorganization, supported by $1.75 billion in financing from creditors. This financing is crucial to maintaining operations at Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus stores during the restructuring process.
