Neiman’s CEO Karen Katz Stepping Down

On Friday, Jan. 5, 2018, Neiman Marcus (Dallas) confirmed that CEO Karen Katz will be stepping down next month after seven years leading the company. She will be replaced by former Ralph Lauren (New York) executive, Geoffrey van Raemdonck.

The announcement comes a month after the department store, which also owns New York-based Bergdorf Goodman, reported its first quarter of growth in the nine preceding periods, according to Fortune. Prior to her role as ceo, Katz rose through the ranks of the company during her more than 20-year tenure with Neiman Marcus.

Last year, the company reported $532 million in losses and announced that it would close a third of its stores and place an emphasis on its Last Call off-price stores.