Saks Global Reorganizes Top Management, Emily Essner Leaving

Core Insights - Saks Global has undergone a significant management reorganization aimed at cost reduction and enhancing relationships with brands and vendors, with CEO Marc Metrick taking a more direct role in brand partnerships [1][5][6] - Key executives, including Emily Essner and Bill Bine, have left the company, while Kim Miller has been appointed as the new chief customer officer [2][3][6] - The company reported a revenue decline of 11.1% in Q2, totaling $1.6 billion, attributed to inventory issues and increased costs, but expressed optimism for the upcoming holiday season [8][9] Management Changes - Emily Essner, previously president and chief commercial officer, has departed after overseeing critical strategies for 14 years [6] - Bill Bine, chief transformation officer, and Rob Brooks, chief operating officer, have also left, with their responsibilities reassigned to existing executives [2][3] - Kim Miller has been promoted to chief customer officer, focusing on customer satisfaction and retention across Saks Global [5][6] Brand Partnerships and Strategy - Paolo Riva will report directly to Marc Metrick, enhancing the focus on brand partner strategies [3][5] - Metrick aims to strengthen relationships with brand partners to maximize growth potential across Saks Global's luxury retail brands [5][6] Financial Performance - Saks Global's Q2 revenues fell to $1.6 billion from $1.8 billion, with a net loss of $288 million compared to $271 million the previous year [8] - The company is on track to achieve an annualized synergy target of $600 million, with $300 million in run-rate synergies already executed [9] Inventory and Vendor Relations - Saks Global is working to improve inventory flow and relationships with vendors, addressing issues related to late payments [10] - The company is exploring strategic options for Bergdorf Goodman, including the potential sale of a 49% minority stake, which could value the store between $1.5 billion and $2 billion [12]