Marigay McKee

The president of Saks Fifth Avenue, Marigay McKee, stepped down Thursday after 15 months at the department store chain's helm. She was replaced by Marc Metrick, an executive at Saks’ parent company, Hudson's Bay. Ms. McKee joined Saks in 2014 after revitalizing the luxury London retailer Harrods. She pushed to modernize Saks, which had struggled with underperforming stores after overexpanding in the last decade. McKee said she would spend $1.25 billion over two years to refurbish stores and try to attract younger customers by adding more contemporary fashions and international labels.

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