Saks Global said on Friday that its CEO, Marc Metrick, has stepped down and named executive chair, Richard Baker, as his successor, amid reports that the luxury retailer is preparing for bankruptcy. The change at the top comes days after the Wall Street Journal reported that the Neiman Marcus parent company is preparing for bankruptcy after missing an interest payment exceeding $100m on debt from its Neiman merger.
"When [Musk] and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company. I'm immensely grateful to him for entrusting me with the responsibility of protecting free speech, turning the company around, and transforming X into the Everything App."
