McKee mutually agrees with Saks to step down as president; Metrick named as successor

Marigay McKee has mutually agreed with Saks Fifth Avenue to step down as president of the luxury retailer.

Marc Metrick was named as McKee's successor.

Metrick had served as the chief strategy officer at Saks before joining Hudson's Bay Co., where he most recently served as executive vice president and chief administrative officer.

Saks agreed in 2013 to be sold to Hudson's Bay, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion.

Metrick, 41, will continue to report to Hudson's Bay CEO Gerald Storch.