Saks Fifth Avenue Names Marc Metrick As New CEO—That Was Fast!
You know what they say on Project Runway, "One day you're in and the next day you're out". This morning, Saks Fifth Avenue announced the appointment of a new CEO Marc Metrick. Before taking on this role, Metrick was the executive vice president and chief administrative officer of the Hudson’s Bay Company. Marc Metrick will be replacing Marigay McKee after only fifteen months on the job.
News broke yesterday that Marigay McKee had decided to depart from the company. Previously, McKee was the chief merchant at Harrod's. Mckee left her job as chief merchant at Harrod's in 2013. It was at that time that Hudson's Bay was buying Saks for $2.9 million including debt that the brand had racked up. And although McKee was with Saks for only a short period of time, she is still proud of her accomplishments. McKee said, “I am pleased with the journey we’ve been on these past 15 months and am proud of the renewed positioning of the Saks Fifth Avenue brand.”
However, it turns out that her management style was not in line with what the retailers wanted. Coming from someone who works in the retail industry themselves, I can tell you that the right fit for each specific culture can really be such a challenge. Although I am sad to see McKee go, there are many who think she was an experimental choice for the job. McKee's background is very strong in buying and other creative aspects of the retail industry. It truly was a risky move by Hudson's Bay to have one person oversee both the buying and the business. In this industry, it is very common that the ones running the whole show are business-minded people with fashion tendencies rather than creative individuals with strong backgrounds in buying.
McKee's departure from Saks Fifth Avenue was a mutual decision with the brand. Hudson’s Bay Executive Chairman Richard Baker said “we thank Marigay for her contributions to elevating the Saks Fifth Avenue experience, and wish her all of best in her future endeavors.” I look forward to seeing what she does next!
Images: Getty Images