NEW YORK (AP) — Luxury retailer Neiman Marcus Group is naming a Ralph Lauren executive to succeed its CEO and President Karen Katz, who is retiring.
The Dallas-based retailer, which has been looking to cut its debt from leveraged buyouts, says that Geoffroy van Raemdonck will officially start Feb. 12. Katz will continue to serve on the company’s board of directors and will work closely with van Raemdonck to facilitate the transition. Katz has been with the company for 30 years, including the last seven as CEO.
Van Raemdonck, who was a group vice president for Europe, Middle East, and its Africa business at Ralph Lauren, led the transformation of all Ralph Lauren brands across all stores, wholesale and digital. His resume also includes stints at St. John Knits International and Louis Vuitton.
In a Securities and Exchange Commission filing, Neiman Marcus said that the company and Katz have entered into a retirement agreement with Katz receiving $2.47 million following her retirement and $1 million payable on or before March 14, along with an incentive bonus for the 2018 fiscal year. She will remain a member of the board and get paid $50,000 annually for that service.
In the same filing, the company said that van Raemdonck’s employment agreement calls for an initial term of four years with automatic one-year renewals with an annual base salary of no less than $1 million and a signing bonus of $1 million to be paid out over 24 months. He will also receive company stock and participate in an incentive program. – Additional reporting by FWBP