Saks’ CEO Baker Exits Luxury Retailer Ahead of Bankruptcy (1)

Saks Global Enterprises’ Chief Executive Officer Richard Baker is departing the beleaguered luxury conglomerate he created as it prepares to restructure under bankruptcy court protection.

Baker, who has been CEO and also executive chairman of the department store chain, had been finalizing his exit over the past few days, according to people familiar with the situation who asked not to be identified because the move hasn’t been announced yet.

Geoffroy van Raemdonck, currently a board member of Moncler SpA, will soon be announced as the new CEO, one of the people said.

Founded more than 150 ...