Neiman Marcus CEO Karen Katz Resigns; Replacement Identified
Neiman Marcus CEO Karen Katz is stepping down, sources familiar with the matter told CNBC. The luxury retailer has already identified her replacement, the sources added. The successor could be named as soon as tomorrow, some of the sources said. The sources asked not to be named because the information is confidential. Neiman Marcus did not have an immediate comment.
Total Retail's Take: There have been rumors surrounding Neiman Marcus recently, including a potential sale to Hudson's Bay Co., as the luxury department store chain struggles with declining sales and mounting debt. While a sale seems to be off the table for the moment, there will be a change in management. Katz, who joined Neiman Marcus in 1985, will retain a seat on the company's board of directors. It will be interesting to see if her replacement is from outside the retail industry, and what he or she will do to shake things up and reinvigorate the staid retailer. Or will Neiman Marcus choose to go the safer route and opt for a retail industry vet to try and turn things around? It might be time for some outside-the-box thinking and a bold choice to lead the Neiman's turnaround.