May 3, 2010, 10:09 AM

Neiman Marcus names a replacement for its retiring CEO

Neiman Marcus Group Inc. CEO Burton Tansky has announced he will retire in October. The luxury department store chain has named Karen Katz its new CEO.

Neiman Marcus Group Inc. CEO Burton Tansky has announced he will retire in October. The luxury department store chain has named Karen Katz its new CEO.

Katz, currently executive vice president of Neiman Marcus Group and president and CEO of Neiman Marcus Stores, will officially take charge of the company in October.

Tansky will stay on as non-executive chairman of the board. He has been CEO of the retailer for the past nine years. Prior to that he served as the company’s president and chief operating officer, and chairman and CEO of Neiman Marcus Stores. He joined the company in 1989 as the lead executive of Bergdorf Goodman, Neiman’s flagship New York store. Prior to that he was president of Saks Inc.’s Saks Fifth Avenue.

Neiman Marcus, No. 41 in the Internet Retailer Top 500 Guide, saw its online fortunes fall last year. In 2009, the luxury department store merchant hit $496 million in web sales, a 12.1% drop from $564.5 million in 2008.

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