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Neiman Marcus names new CEO

By Kristopher Fraser

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Neiman Marcus has named Geoffrey van Raemdonck as their new chief executive officer. He succeeds Karen Katz, who has served as chief executive since 2010. Prior to his new role, Raemdonck was the group president for Europe, the Middle East and Africa and global retail travel at Ralph Lauren. Before that, he was chief executive of St. John Knits International, and he's also held executive positions at Louis Vuitton and L Brands.

Katz will still retain her seat on Neiman Marcus' board of directors. In addition to being CEO, she spent 32 years at the company climbing through the ranks.

Geoffrey van Raemdonck named CEO of Neiman Marcus

As the department store chain has continued to struggle with declining revenue, they have been seeking new leadership for quite some time. The company's biggest financial hurdle is overcoming their 5 billion dollars of debt from its leveraged buyout in 2013 after Ares and Canadian public pension fund CPPIB acquired it from other private equity firms.

In an effort to cut debt, the company explored restructuring its capital structure and even selling itself. It was long suspected they would be bought by Hudson's Bay Co., the parent company of Lord & Taylor and Saks Fifth Avenue, but that fell apart due to Neiman Marcus' high debt load.

photo: via Neiman Marcus Facebook page
Geoffrey van Raemdonck
Karen Katz
Neiman Marcus