Marigay McKee is stepping down as president of Saks Fifth Avenue after only 15 months and Marc Metrick, a 15-year veteran of the luxury retailer, has been named to replace her. McKee’s departure was by mutual agreement, the company said.
Richard Baker, the executive chairman of Saks’ parent Hudson’s Bay Company, thanked McKee “for her contributions to elevating the Saks Fifth Avenue experience” in a statement, but admitted to the New York Times that “the fit wasn’t perfect.”
McKee joined Saks from London-based Harrod’s in September 2013. She replaced CEO Steve Sadove in the wake of the retailer’s acquisition by HBC.
Metrick, 41, had been at Saks for 15 years, most recently as chief strategy officer, before being named chief marketing officer at HBC in 2012. When HBC acquired Saks, he was promoted to HBC’s chief administrative officer.
“Marc has played a leadership role in defining the future for Saks Fifth Avenue and putting in place the strategies geared towards delivering enhanced performance now and into the future,” said Baker in a statement. “He has the respect of his colleagues and enormous passion for the culture and brand of Saks Fifth Avenue. I am confident the company will thrive under his leadership.”
Added Metrick, “It is not often that one has the opportunity to lead the company where they started and grew up. Saks Fifth Avenue has played such a pivotal role in shaping who I have become as an executive, and I cannot be more excited than to lead Saks Fifth Avenue.”