#leadership

Is it just me or is everyone in or that they promote to leadership roles resemble the dudes in college who would do keg stands? A totally weird chest thumping group of dudes. Many who seem to be clinging to the good all days when they were athletes and now dress like guys that are competent, but really just brown nosed all the right people at all the right times. Bird brains with serious bravado. Not one that can actually solve any problems, they are just real good at deep throating. They certainly never disagree with the big wigs. So many bad decisions made by the EC and no one with a backbone to disagree with them. Not entirely their fault I suppose. The big X let go of anyone who openly disagreed with them long ago. Obedience is the standard, not brains!

Now leaner and meaner VZ is ready to soar. It has been many years now but the board finally is addressing their failures. Why they waited so long is puzzling.

The company has engaged a specialized executive search firm to identify an interim HR leader with proven expertise in workforce restructuring and deep knowledge of Texas employment law.

One thing I genuinely appreciate about my team at Truist is the leadership style in our organization. Our leaders trust us to do our jobs. There’s no constant hovering or minute-by-minute monitoring. We’re given autonomy, clear expectations, and ultimately we’re judged on the results we deliver.

What’s interesting is when you compare that to some of the cross-functional groups we work with. Their leadership approach couldn’t be more different. From what I’ve seen, it’s a lot of micromanaging and tracking every hour people spend on their laptops.

And honestly, the outcomes speak for themselves. That group seems to struggle far more just getting basic things done, and the results simply aren’t there. Our clients are the ones that pay the price for this!

It really reinforces a pretty simple lesson: when leaders don’t trust their teams and try to control every detail, it usually backfires. Autonomy and accountability drive performance. Micromanagement just slows everything down.

P66 is is speaking at the Piper Sandler Energy Conference next week. Go-Go usually talks about 95% of Phillips allotted time at these things but this time he’s not listed as a speaker. Just the Refining VP and the Saucy CFO.

WWD.com EXCLUSIVE: Navigating the Saks Global Bankruptcy — the Roadmap Ahead

CEO Geoffroy van Raemdonck details progress in the Chapter 11 proceedings, what to expect in the coming weeks, and plans for getting Saks Global back on its feet.
By
DAVID MOIN
Plus Icon
MARCH 13, 2026, 12:01AM

Saks Global is expected to emerge from bankruptcy proceedings before the end of the year with new ownership, a five-year business plan, and a strategy designed to better differentiate the merchandising and marketing of Saks Fifth Avenue and Neiman Marcus.
“It’s moving faster than I anticipated,” Geoffroy van Raemdonck, chief executive officer of Saks Global, told WWD, exclusively discussing the Saks Global Chapter 11 bankruptcy proceedings and what to expect in the coming weeks. “We were able to make very decisive decisions in less than 60 days, to focus on luxury.”

Since Saks Global filed for Chapter 11 bankruptcy protection on Jan. 13, “Step one was to get the financing. Step two was to get the inventory, and now we are really focused on the vision for the future — and how the company is going to be structured when it emerges from bankruptcy,” van Raemdonck said. “The restructuring plan is going to be filed in weeks from now, and that will detail how this company will be structured, from a business plan, from a capital structure, post emerging.”

The plan is being formulated by Saks Global in negotiations with creditors, who will vote on the plan, which then must get final approval by the bankruptcy court for the company to emerge from bankruptcy.
“What the business plan will show is that we have a plan of action to drive sales, to grow from a smaller footprint, and to be significantly more profitable,” van Raemdonck said. “It is also going to demonstrate that we have ample liquidity to operate and fund the business, as well as generate free cash flow to invest in the business over the next five years. That’s what this business plan will be detailing.”

“What’s changed over the last two months is that we have $1.75 billion of committed capital. We have $825 million that we’ve received, and we are receiving another $300 million in a matter of days or weeks. It’s really, really close…When we entered the [bankruptcy] process, we received DIP (debtor-in-possession) financing and we put in a topline revenue budget and a budget for receiving inventory, and we are exceeding both the revenue budget and the amount of inventory we are receiving, which is very encouraging.

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

Saks Global has indicated that post-petition invoices for merchandise receipts will be paid pursuant to current terms, which are set at 90 days from receipt of goods, though payment terms can vary by brand. It’s expected that if and when Saks Global emerges from bankruptcy, payment terms would revert to those that were in place prior to Saks Global’s acquisition of Neiman Marcus Group, though a schedule for paying vendors must be approved by the bankruptcy court judge. Thirty- to 60-day payment terms are the industry standard.
Under Saks Global’s prior regime, the company largely lost the support of the fashion industry due to its failure to pay bills for several seasons and a host of unmet promises. Consequently, the stores were depleted of merchandise, market share was lost, and competitors, most notably Bloomingdale’s and Nordstrom, have been taking advantage of the situation by aggressively working to add designers they did not previously sell, and provide more space in their stores to certain designers that they already did sell.

But at Saks Global, much has happened in the two months since going bankrupt to obtain financing to replenish inventories and maintain operations and set a new foundation for a potentially more viable — and streamlined — future.
It’s expected that through a debt-for-equity swap, key bondholders, including Pentwater Capital and Bracebridge Capital leading the lending group arranging a $1.75 billion financing package for Saks Global in bankruptcy, will become owners in Saks Global. In effect, Saks Global will become a new debt-free or near debt-free company post bankruptcy. Hudson Bay Co., Amazon, Authentic Brands Group, and G-III all had equity stakes in Saks Global going into the bankruptcy, but it’s anticipated they will see the value of those shares slip away in the court-led process.

Chapter 11 bankruptcy enables a retailer to get out of leases without penalty. Saks Global is closing 20 Saks Fifth Avenuestores, leaving just 13 operating, including the Fifth Avenue flagship in Manhattan, and shutting four Neiman Marcus units, leaving 32 operating. In addition, Saks Fifth Avenue was pulled off Amazon.com; one distribution center was closed, leaving three operating, though three others were closed pre-bankruptcy, leaving the company with its newest facilities that provide better service, and 57 Saks Off 5th stores are being shuttered, leaving just 12 for the time being. Saks Global has also shut down the Horchow catalogue and the five Last Call clearance centers for Neiman Marcus.

Saks Global volume was listed at about $7.3 billion shortly after the Neiman’s acquisition in fiscal 2024, before the streamlining.
Saks Global executives leave open the possibility that a few more Saks or Neiman’s stores could close.
There has been speculation of asset sales, including Bergdorf Goodman. Asked about that, van Raemdonck replied: “We are always going to continue to look at the footprint, the assets, we have. That’s normal course of business. But today, there are no active conversations about any asset sales.”

Upon going bankrupt, a new management team was set with a blend of senior executives from Saks Fifth Avenue and Neiman Marcus. Van Raemdonck became CEO of Saks Global in January, after sitting on the sidelines of luxury retailing for a year. He had been CEO of the Neiman Marcus Group for nearly seven years until it was purchased by Saks Global.

“I came back because I have a belief in what Saks Global can be, and I’m confident that we can emerge as a strong business,” van Raemdonck told WWD. “What you’re seeing is someone who is very matter-of-fact and very confident. I didn’t have to do this. But I did this out of belief that Saks Global will be successful, and I’m willing to put my reputation on the line.”
Van Raemdonck said he believes combining Saks Fifth Avenue and the Neiman Marcus Group into Saks Global is a good idea. “The merger made a lot of sense to me, because by bringing the two best players in the industry that have three banners [Saks, Neiman’s and Bergdorf’s] you get to attain a certain level of scale and synergies that help your overall profitability and ability to invest.”

Cost Savings
Navigating through the bankruptcy is further challenged by the ongoing systems integrations and consolidations initiated when Saks Global bought NMG for $2.7 billion in December 2024. The goal has been to achieve hundreds of millions of dollars in cost savings by centralizing and eliminating duplicative functions, such as accounting, planning, human resources, legal and distribution facilities. There is now one buying team for Neiman’s and Saks, and one marketing team serving Bergdorf’s, Neiman’s, and Saks. Bergdorf’s has its own buying team. Savings will also be attained through store closings, leading to layoffs and payroll reductions.

Aside from cost savings, the combined business should benefit from access to greater data, sharing best practices, enhanced personalization, and increased use of AI. Merging loyalty programs is a possibility. For example, using each retailer’s credit cards to shop could earn points valid at both Saks and Neiman’s. Or spending enough at either store could lead to access to invitation-only events at both Saks and Neiman’s.
Van Raemdonck described Saks Fifth Avenue and Neiman Marcus as the same yet different — both operating as multibrand luxury retailers but doing it in different ways.
“Neiman Marcus has been a relationship business and very focused on omnichannel, and on wholesale, and the metric of success was profitability,” he said. “Saks was a business that was focused on growth, on digital, and adopted the marketplace format much more, and it didn’t have the same level of profitability,” van Raemdonck said.

“They were both were operating with distinct strategies that resonated with the customer, but with a different impact on profitability and generation of cash flow.”
Sources have told WWD that among true luxury brands — such as Chanel, Dior, and Giorgio Armani — there’s been about 90 percent overlap between Saks and Neiman’s. But Saks has been emphasizing a wider range of categories and price points, attracting a broader demographic, and has been aggressive trying to build business online. Saks stores house many more leased designer shops than Neiman’s, which has long been reluctant to open leased shops but in recent seasons has opened some.
By virtue of its Fifth Avenue flagship being a major tourist attraction, Saks has more international recognition than Neiman’s. In fiscal 2025, the flagship saw nearly 3 million shoppers from over 150 countries, and generated three times the amount of business as the largest Neiman Marcus stores, according to Saks Global.
As van Raemdonck pointed out, Neiman’s has maintained its focus on its wealthiest customers, through exclusive offerings, personal service and VIP-type events. Neiman’s has a track record of providing deeper, broader assortments of each of the top luxury collections it sells, and has a stronger selling culture than Saks.
Differentiating the Banners
Regarding the future of Saks and Neiman’s, van Raemdonck said, “We want to separate and differentiate them. As a point of reference, if you take the six markets where Saks and Neiman’s are either in the same mall, or across the street like in Beverly Hills, the overlapping customer is between 10 and 15 percent which [means] the customer is telling us they’re different brands. And in the future, we want to make them even more different, so that there’s a reason to shop in both of them, or to be deeply loyal with one of them.”

Asked how that’s accomplished, van Raemdonck said, “It’s in the positioning. It’s in the expression, in the assortment, and it can be the same brands [sold at both stores], but the assortment should be slightly different,” meaning each having a different merchandise edit.
“The Saks customer likes to express herself through fashion, but she needs a little bit more guidance in choosing the fashion that is right for her,” van Raemdonck said. “The Neiman’s customer is a fashion customer who has her own sense of taste, loves color, and loves newness, and so their way of approaching the same element of fashion and newness is slightly different.”
Discussing Saks Global overall, van Raemdonck boasted, “We have the largest base of highly engaged luxury customers. Fifty to 60 percent of our sales are with customers who shop seven to nine times a year with us, depending on the retail banner. They spend more than $5,000 with us, and we retain more than 80 percent of them. Forty percent of our sales come from customers who spend $10,000 or more with us. And so the majority of our sales are from loyal customers and when you shop seven to nine times a year, you’re deeply loyal. We have a retention rate of 90 percent from top customers.”
One of the big challenges in a bankruptcy is retaining employees and communicating to all constituencies concerned that the company isn’t disappearing and has a future, even in a downsized state.
“We are doing this very, very frequently and very openly, because transparency is critical,” van Raemdonck said. “This morning I was talking with our employees in Bangalore. We have a whole team there that supports us across all functions,” including creative, planning, merchandising and payroll functions. “This Monday, we had what we call an ‘All Access,’ meeting which is our all-employee town hall. We call it All Access because everyone gets a front row seat [it’s a virtual meeting] and everyone gets access to the information.” It’s a monthly event. “And then we meet with our leadership council, the top 50 people in the organization, every other week. And every week, we talk with the ad hoc group of creditors, and we are meeting in person with the unsecured creditor committee [Thursday] to share with them our business plans. So the communication is very, very frequent. We communicate with brands on a very frequent basis, at my level, and then Lana [Todorovich, chief global brands partnerships officer] is with the brands on a daily basis.

“We have more than 1,500 sales associates who sell at least $1 million per year and in aggregate deliver more than $2.8 billion of revenue,” the CEO added. “Over the last 12 months, our attrition rate amongst top sellers that sell more than $3 million annually is in the low-single digits.”

WWD.com EXCLUSIVE: Navigating the Saks Global Bankruptcy — the Roadmap Ahead

CEO Geoffroy van Raemdonck details progress in the Chapter 11 proceedings, what to expect in the coming weeks, and plans for getting Saks Global back on its feet.
By
DAVID MOIN
Plus Icon
MARCH 13, 2026, 12:01AM

Saks Global is expected to emerge from bankruptcy proceedings before the end of the year with new ownership, a five-year business plan, and a strategy designed to better differentiate the merchandising and marketing of Saks Fifth Avenue and Neiman Marcus.
“It’s moving faster than I anticipated,” Geoffroy van Raemdonck, chief executive officer of Saks Global, told WWD, exclusively discussing the Saks Global Chapter 11 bankruptcy proceedings and what to expect in the coming weeks. “We were able to make very decisive decisions in less than 60 days, to focus on luxury.”

Since Saks Global filed for Chapter 11 bankruptcy protection on Jan. 13, “Step one was to get the financing. Step two was to get the inventory, and now we are really focused on the vision for the future — and how the company is going to be structured when it emerges from bankruptcy,” van Raemdonck said. “The restructuring plan is going to be filed in weeks from now, and that will detail how this company will be structured, from a business plan, from a capital structure, post emerging.”

The plan is being formulated by Saks Global in negotiations with creditors, who will vote on the plan, which then must get final approval by the bankruptcy court for the company to emerge from bankruptcy.
“What the business plan will show is that we have a plan of action to drive sales, to grow from a smaller footprint, and to be significantly more profitable,” van Raemdonck said. “It is also going to demonstrate that we have ample liquidity to operate and fund the business, as well as generate free cash flow to invest in the business over the next five years. That’s what this business plan will be detailing.”

“What’s changed over the last two months is that we have $1.75 billion of committed capital. We have $825 million that we’ve received, and we are receiving another $300 million in a matter of days or weeks. It’s really, really close…When we entered the [bankruptcy] process, we received DIP (debtor-in-possession) financing and we put in a topline revenue budget and a budget for receiving inventory, and we are exceeding both the revenue budget and the amount of inventory we are receiving, which is very encouraging.

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

Saks Global has indicated that post-petition invoices for merchandise receipts will be paid pursuant to current terms, which are set at 90 days from receipt of goods, though payment terms can vary by brand. It’s expected that if and when Saks Global emerges from bankruptcy, payment terms would revert to those that were in place prior to Saks Global’s acquisition of Neiman Marcus Group, though a schedule for paying vendors must be approved by the bankruptcy court judge. Thirty- to 60-day payment terms are the industry standard.
Under Saks Global’s prior regime, the company largely lost the support of the fashion industry due to its failure to pay bills for several seasons and a host of unmet promises. Consequently, the stores were depleted of merchandise, market share was lost, and competitors, most notably Bloomingdale’s and Nordstrom, have been taking advantage of the situation by aggressively working to add designers they did not previously sell, and provide more space in their stores to certain designers that they already did sell.

But at Saks Global, much has happened in the two months since going bankrupt to obtain financing to replenish inventories and maintain operations and set a new foundation for a potentially more viable — and streamlined — future.
It’s expected that through a debt-for-equity swap, key bondholders, including Pentwater Capital and Bracebridge Capital leading the lending group arranging a $1.75 billion financing package for Saks Global in bankruptcy, will become owners in Saks Global. In effect, Saks Global will become a new debt-free or near debt-free company post bankruptcy. Hudson Bay Co., Amazon, Authentic Brands Group, and G-III all had equity stakes in Saks Global going into the bankruptcy, but it’s anticipated they will see the value of those shares slip away in the court-led process.

Chapter 11 bankruptcy enables a retailer to get out of leases without penalty. Saks Global is closing 20 Saks Fifth Avenuestores, leaving just 13 operating, including the Fifth Avenue flagship in Manhattan, and shutting four Neiman Marcus units, leaving 32 operating. In addition, Saks Fifth Avenue was pulled off Amazon.com; one distribution center was closed, leaving three operating, though three others were closed pre-bankruptcy, leaving the company with its newest facilities that provide better service, and 57 Saks Off 5th stores are being shuttered, leaving just 12 for the time being. Saks Global has also shut down the Horchow catalogue and the five Last Call clearance centers for Neiman Marcus.

Saks Global volume was listed at about $7.3 billion shortly after the Neiman’s acquisition in fiscal 2024, before the streamlining.
Saks Global executives leave open the possibility that a few more Saks or Neiman’s stores could close.
There has been speculation of asset sales, including Bergdorf Goodman. Asked about that, van Raemdonck replied: “We are always going to continue to look at the footprint, the assets, we have. That’s normal course of business. But today, there are no active conversations about any asset sales.”

Upon going bankrupt, a new management team was set with a blend of senior executives from Saks Fifth Avenue and Neiman Marcus. Van Raemdonck became CEO of Saks Global in January, after sitting on the sidelines of luxury retailing for a year. He had been CEO of the Neiman Marcus Group for nearly seven years until it was purchased by Saks Global.

“I came back because I have a belief in what Saks Global can be, and I’m confident that we can emerge as a strong business,” van Raemdonck told WWD. “What you’re seeing is someone who is very matter-of-fact and very confident. I didn’t have to do this. But I did this out of belief that Saks Global will be successful, and I’m willing to put my reputation on the line.”
Van Raemdonck said he believes combining Saks Fifth Avenue and the Neiman Marcus Group into Saks Global is a good idea. “The merger made a lot of sense to me, because by bringing the two best players in the industry that have three banners [Saks, Neiman’s and Bergdorf’s] you get to attain a certain level of scale and synergies that help your overall profitability and ability to invest.”

Cost Savings
Navigating through the bankruptcy is further challenged by the ongoing systems integrations and consolidations initiated when Saks Global bought NMG for $2.7 billion in December 2024. The goal has been to achieve hundreds of millions of dollars in cost savings by centralizing and eliminating duplicative functions, such as accounting, planning, human resources, legal and distribution facilities. There is now one buying team for Neiman’s and Saks, and one marketing team serving Bergdorf’s, Neiman’s, and Saks. Bergdorf’s has its own buying team. Savings will also be attained through store closings, leading to layoffs and payroll reductions.

Aside from cost savings, the combined business should benefit from access to greater data, sharing best practices, enhanced personalization, and increased use of AI. Merging loyalty programs is a possibility. For example, using each retailer’s credit cards to shop could earn points valid at both Saks and Neiman’s. Or spending enough at either store could lead to access to invitation-only events at both Saks and Neiman’s.
Van Raemdonck described Saks Fifth Avenue and Neiman Marcus as the same yet different — both operating as multibrand luxury retailers but doing it in different ways.
“Neiman Marcus has been a relationship business and very focused on omnichannel, and on wholesale, and the metric of success was profitability,” he said. “Saks was a business that was focused on growth, on digital, and adopted the marketplace format much more, and it didn’t have the same level of profitability,” van Raemdonck said.

“They were both were operating with distinct strategies that resonated with the customer, but with a different impact on profitability and generation of cash flow.”
Sources have told WWD that among true luxury brands — such as Chanel, Dior, and Giorgio Armani — there’s been about 90 percent overlap between Saks and Neiman’s. But Saks has been emphasizing a wider range of categories and price points, attracting a broader demographic, and has been aggressive trying to build business online. Saks stores house many more leased designer shops than Neiman’s, which has long been reluctant to open leased shops but in recent seasons has opened some.
By virtue of its Fifth Avenue flagship being a major tourist attraction, Saks has more international recognition than Neiman’s. In fiscal 2025, the flagship saw nearly 3 million shoppers from over 150 countries, and generated three times the amount of business as the largest Neiman Marcus stores, according to Saks Global.
As van Raemdonck pointed out, Neiman’s has maintained its focus on its wealthiest customers, through exclusive offerings, personal service and VIP-type events. Neiman’s has a track record of providing deeper, broader assortments of each of the top luxury collections it sells, and has a stronger selling culture than Saks.
Differentiating the Banners
Regarding the future of Saks and Neiman’s, van Raemdonck said, “We want to separate and differentiate them. As a point of reference, if you take the six markets where Saks and Neiman’s are either in the same mall, or across the street like in Beverly Hills, the overlapping customer is between 10 and 15 percent which [means] the customer is telling us they’re different brands. And in the future, we want to make them even more different, so that there’s a reason to shop in both of them, or to be deeply loyal with one of them.”

Asked how that’s accomplished, van Raemdonck said, “It’s in the positioning. It’s in the expression, in the assortment, and it can be the same brands [sold at both stores], but the assortment should be slightly different,” meaning each having a different merchandise edit.
“The Saks customer likes to express herself through fashion, but she needs a little bit more guidance in choosing the fashion that is right for her,” van Raemdonck said. “The Neiman’s customer is a fashion customer who has her own sense of taste, loves color, and loves newness, and so their way of approaching the same element of fashion and newness is slightly different.”
Discussing Saks Global overall, van Raemdonck boasted, “We have the largest base of highly engaged luxury customers. Fifty to 60 percent of our sales are with customers who shop seven to nine times a year with us, depending on the retail banner. They spend more than $5,000 with us, and we retain more than 80 percent of them. Forty percent of our sales come from customers who spend $10,000 or more with us. And so the majority of our sales are from loyal customers and when you shop seven to nine times a year, you’re deeply loyal. We have a retention rate of 90 percent from top customers.”
One of the big challenges in a bankruptcy is retaining employees and communicating to all constituencies concerned that the company isn’t disappearing and has a future, even in a downsized state.
“We are doing this very, very frequently and very openly, because transparency is critical,” van Raemdonck said. “This morning I was talking with our employees in Bangalore. We have a whole team there that supports us across all functions,” including creative, planning, merchandising and payroll functions. “This Monday, we had what we call an ‘All Access,’ meeting which is our all-employee town hall. We call it All Access because everyone gets a front row seat [it’s a virtual meeting] and everyone gets access to the information.” It’s a monthly event. “And then we meet with our leadership council, the top 50 people in the organization, every other week. And every week, we talk with the ad hoc group of creditors, and we are meeting in person with the unsecured creditor committee [Thursday] to share with them our business plans. So the communication is very, very frequent. We communicate with brands on a very frequent basis, at my level, and then Lana [Todorovich, chief global brands partnerships officer] is with the brands on a daily basis.

“We have more than 1,500 sales associates who sell at least $1 million per year and in aggregate deliver more than $2.8 billion of revenue,” the CEO added. “Over the last 12 months, our attrition rate amongst top sellers that sell more than $3 million annually is in the low-single digits.”

There was a REAL shop steward who carried more weight on his shoulders than anyone realized. Some say he was about to become the chief shop steward He was a really good steward and a good person who endured unimaginable loss. He turned the K&L bay around on all three shifts, and back then everyone knew it—people were disappointed and very very angry before he stepped in, and he fought every day to close the wage gap, improve health insurance, and push for better retirement. Fair and equal pay used to be the core of what the/a union stood for. Cell leaders back then would tell him GE will close the doors have to remain competitive and he would tell them no one would care look at the place plus who else makes the product we make.
But every contract, more was taken away. The D-rates were treated like gold while the T-rates were treated like third-class citizens for the first 4-5 years. With everything he was dealing with personally, it’s no surprise he acted the way he did. He said you only live once try to make it better like GE use to be. He masked the trauma very well members would ask him how he keeps going? But he still showed up and fought the fight 100% with those scars.
No one really knew what he was going through deep down. But everyone knew what happened in his life at that time even The not so HUMAN resources, personnel aka Nicole and Jason.
He didn’t take a sever-ties package. He just needed a break. He resigned with a full month’s notice. After seeing 200 people or so loose their jobs. Co workers the union brotherhood he fought everyday to make waves on split pay scale and T Rates getting treated like rubbish. Versus D rates getting treated like gold.
Fast forward-
When hiring picked back up again I told him to reapply. He got an interview a few years ago, but it sank immediately. He interviewed with Nicole from HR and he said she clearly wasn’t happy she stopped in her tracks when she asked him his name she was shocked he was even in the room—she just went through the interview motions. He knew right then he wasn’t getting back in.
I also spoke to HR—Nicole and Jason—before that interview. They told me directly that they would never let him back in. He was blackballed.
There is nothing “human” about a Human Resources department that treats people this way. They’ve always been against the union, and this is just one more example! So think twice! Don’t fight the fight! Be a puppet let the union leadership make back door deals.

He used to be a shop steward who was steady, calm, and genuinely committed to the job. Then his life was hit with two devastating tragedies: first his mother was ki-led, and not long after, his 15-year-old daughter was ki-led. Even through that grief, he continued to show up and fight for the members.

During the 2017–2018 layoffs, he finally resigned. He was dealing with overwhelming loss and felt stuck in a cycle he couldn’t break. His therapist suggested that stepping away for a while might help him move forward after the two tragedies that happened just a year and a half apart.

When hiring picked back up, he reapplied again late last year He interviewed with the bar shop cell leader, who was highly impressed with him and specifically needed someone with his experience and leadership in the bar shop. Despite that strong recommendation to HUMAN resources department Jason and his proven track record as a go‑getter who always went 100% for the union, HR (Jason) still blackballed him.

No second chance, no acknowledgment of what he had been through—just a closed door. No chance to show how he overcame tragedy and was resilient to overcome adversity. Only a strong person who brought the good fight for the cause to make things better.

He’s a very good man with a very good heart who endured unimaginable loss but yet still tried making things better for the split pay scale, no pension issue and better healthcare. And now he’s permanently shut out by Jason in HR. A real example of how even the strongest union supporters can be written off for reasons that have nothing to do with their work quality.

All the so called friends he had that he represented only a couple reaches out to see how he is doing. Only a few even say hi in public.

He was a steward of around 25 members. Managment did not mess with his crew to much. I’ve seen managers and cell leaders shake when he was around them. Ops leaders and cell leaders hardly came down when the legend was around. Now look at the place only if he could see it now and laugh at the union weakness.

Long live the legend who raised he-l and didn’t back down for the membership for the cause. We need the legend back!

Ah yes, what a remarkable era for leadership. After all the sweeping changes and grand announcements, we’ve clearly reached the pinnacle of organizational excellence. Truly inspiring.

Now that performance reviews are safely behind us, it’s the perfect moment for everyone to relax into what really matters: another round of meetings—carefully designed, of course, to justify the existence of a few very well-compensated roles. Remember part of the Kool Aid part is to comply with Optics.

Perhaps it’s also time for us all to drink a bit more Kool-Aid and fully embrace the spectacle. For those looking for inspiration, a rewatch of Eyes Wide Shut might set the right tone. After all, if we’re going to have a party, we might as well do it properly. Oil, gas, and a healthy dose of theater—what could be more fitting?

With the reviews done, the real work begins: dinners, drinks, and decision-making of the highest imaginable caliber. Nothing says “strategic leadership” quite like carefully curated stakeholder fun and flawless optics. Ah yes, what a remarkable era for leadership. After all the sweeping changes and grand announcements, we’ve clearly reached the pinnacle of organizational excellence. Truly inspiring.

Now that performance reviews are safely behind us, it’s the perfect moment for everyone to relax into what really matters: another round of meetings—carefully designed, of course, to justify the existence of a few very well-compensated roles. Substance is optional; optics are essential. Perhaps it’s also time for us all to drink a bit more Kool-Aid and fully embrace the spectacle. For those looking for inspiration, a rewatch of Eyes Wide Shut might set the right tone. After all, if we’re going to have a party, we might as well do it properly. Oil, gas, and a healthy dose of theater—what could be more fitting? With the reviews done, the real work begins: dinners, drinks, and decision-making of the highest imaginable caliber. Nothing says “strategic leadership” quite like carefully curated stakeholder fun and flawless optics. Actual work? Well… that seems to have quietly slipped off the agenda somewhere along the way. But that’s a small price to pay when the show is running this smoothly. Actual work? Well… that seems to have quietly slipped off the agenda somewhere along the way. But that’s a small price to pay when the show is running this smoothly.

After 90% of the MLT was let go in December. Whether you liked them or not everything has gone to sh-t. But today embarks on the official end. The last person standing in Marketing ALedgister was let go. For all of us left in Marketing and are Marketing people, today marks a sad day. She was an amazing leader, she stood up for the right things and defended her people. The global campaign team did not exist before her. She was a fearless leader. Now we’ve been dismantled even more and are stuck with the two worst human beings ever. Marcus and Lindsay are snakes, truly horrible people. From the moment Rita left they planted the seeds and tried to take over. If OpenText stood by what they said when they got rid of the MLT and moved out toxic people and culture why are M&L still here? It’s a sad day when new leaders one, don’t know anything about marketing and two rids those who do just to look smarter. For us who are left, good luck to us, because we are certainly in for a ride.

HouseCalls leadership is setting the program up to fail. At a time when MA risk-adjustment coding is under the highest scrutiny it’s ever been and risk scores are still one of the main revenue drivers, they keep adding more internal metrics and efficiency targets that make accurate documentation harder, not easier. There’s a clear inverse relationship between coding to the level of specificity now required and pushing APC, completion %, and daily volume. You simply can’t maximize quality, compliance, and productivity all at the same time. Something will give. Right now it feels like leadership wants all three, which isn’t realistic in the current regulatory environment. This is exactly how programs end up with compliance problems.

Real leaders don’t smile while destroying lives. Real leaders don’t look their employees in the eye and lie about the EMEA strategy for six months.
You’ve spent half a year dodging responsibility and expecting us to work "business as usual" while you plotted this behind our backs. You threw the Credo and its principles in the trash the moment they became inconvenient. Do you actually think we’re stupid? These aren't just "headcounts"—these are families, mortgages, and lives at stake.
The hypocrisy is breathtaking: You announce a reorganization on Wednesday, and by Thursday, you have the nerve to tell us you’re "confident we’ll continue to give our all."
The trust is dead. You’ve broken it beyond repair. You can't execute people one day and demand their passion the next. You should be ashamed of your cowardice.
Make no mistake: it is now Us vs. You.
We were the lifeblood of this company. We are the ones who built what you are currently dismantling. You celebrated us yesterday only to betray us today. You have no honor, no backbone, no strategy, and—clearly—no soul. You aren't leaders; you’re just pathetic puppets.
Despite your total lack of integrity, we have a professional conscience. We will continue to deliver our best for our clients and our colleagues—not for you, but because our ethics are something you could never understand.

Never in my life have I worked for a company with so many incompetent leaders. Sales, presales, product, marketing… the lot! Its time to clean out the old command and start fresh. Current leaders either: know someone higher up and are hired to be an ally, are a hangover from the last quota based hiring regime, are old as ba--s or came in through nepotism.

It’s hard not to admire the confidence of DXC people who clearly don’t understand technology but are absolutely certain that adding an X to a name makes it cutting edge. Nothing screams utterly clueless than believing slapping an X on a decades-old ideas somehow makes them sellable.

The ironic part is DXC keeps selling “X-as-a-Service” like it’s the future, while every platform they hype shrinks their business. Software doesn’t need armies of consultants. It replaces them. Meanwhile, DXC leadership is too busy slapping Xs on sh‑t-tier legacy services to realize they’re selling their own business to extinction.

Worst decisions to have leadership reigns outside the U.S.

Another round of layoffs at Verizon is again being presented as part of the company’s transformation. Employees have heard this language before. Each cycle promises a reset and a stronger future for the business.

At the same time former CEO Hans Vestberg has moved into an advisory role at Consello. Like many executives before him he has transitioned from leading a major telecom operator into a position where his relationships and experience in the industry become the product.

For employees watching these cycles repeat the contrast is hard to miss. Workers face uncertainty and job losses while leadership often moves on to new opportunities within the same industry ecosystem.

Telecom is entering one of the largest investment periods in decades. Artificial intelligence data demand and digital infrastructure are reshaping the industry. The real question is whether Verizon is positioning itself to lead that next phase or simply managing costs while others shape the future.

Employees have heard the transformation message many times.

At some point the question becomes simple.

Dan, can you hear them now.

Clay was only worried about numero uno. He got the CEO and literally gave up everything else. Once the deal is done, expect him to check out and not make any tough decisions while letting the new exec team of 5 Coterra people and 3 Devon people figure out the future of the company. Pretty incredible to have the advantage of being the larger company and give up everything.

Sometimes you got to Like BB - 2 departure in one email…both were incompetent.

Jenny Breeden and Bill Foudy are out. What are they doing with owned brands?

It's amazing how many low-IQ people there are at Dell, many of whom are on this board.

For the last time, once and for all, Dell's medieval RTO policy was NEVER EVER EVER intended to increase productivity, improve team cohesiveness, or any one of the lies and propaganda vomited out by executive leadership.

It was ALWAYS ALWAYS ALWAYS intended to make your life a living he-l, so much so that you ultimately quit on your own. This way Dell doesn't have to pay severance, nor does it have to incur any negative publicity as a result of wide-scale layoff announcements.

It's a BAIN trick. It's greed. It's selfishness. It's a lie, but it is today's Dell. Dell is doing everything it can to reduce headcount at the least cost possible. Get that through your heads. It's the only cohesive strategy leadership has right now.

https://www.barrons.com/articles/berkshire-deal-for-occidental-chemicals-unit-is-a-winner-51a720f0?siteid=yhoof2

OxyChem valuation up ~$3B since Oxy sold. Deal was done in tax inefficient manner. Oxy retained Environmental liabilities. Oxy didn’t try to sell to any other buyers and only negotiated with BRK. They have Vicki pegged as their mark.

This is why Oxy stock is sitting in the mid 50’s with oil at $100/bbl compared to significantly higher when Vicki became CEO and when Oxy acquired Anadarko. Buy high, sell low is not a winning strategy.

Rambeau out and Mehta takes over two out of three segments. What is going on?

I was not surprised by this statement on yesterday’s call. This begs the question, then WHY are those people sitting up there collecting checks? Alfonso also said there were too many people involved in the process. Too many people running reports and not enough execution. Again, why are they sitting there. None of them can do what we ask the front line to do today. Great leaders lead from the trenches not from the conference room.

After 20+ years at Verizon, I’ve never seen morale this low or trust in leadership this broken.

Yesterday’s EMEA call was a brutal reminder of where things really stand. Yet today we’re all expected to log in, smile on calls, and carry on as if nothing happened.

What makes it worse is the constant stream of polished messaging from management and our Exec team that feels completely disconnected from reality. We’re told everything is about “transformation,” “strategy,” and “opportunities,” while RIFs happen all the time and the remaining staff are expected to absorb the work.

I feel like we’re being gaslighted.

Everyone knows AI is coming and it will fundamentally change large parts of the workforce and remove even more jobs at a rate much higher than we've known before. Employees aren’t stupid. Most of us have decades of experience and can see exactly what’s happening.

What’s astonishing is the apparent belief from leadership that the workforce will just nod along and accept whatever narrative is being presented.

After more than two decades here, I’ve never seen this level of distrust between employees and leadership. People can deal with tough decisions and difficult change. What they struggle with is the feeling that the truth is being managed rather than communicated.

Right now, the biggest gap in this company isn’t technology or strategy. It’s credibility.

When EH first came on, he mentioned how Nike would be turning a new page and lay offs wouldn’t be like the past. More of a restructuring of roles rather than saying goodbye to teammates. Since then, it’s been lay-off after layoffs, more than the JD era it seems. And even with all these lay offs, the stock is lower than it’s ever been. Maybe he was just blowing smoke up our as--s, but makes it hard to trust leadership when they do the opposite of what they promise and then also kicks our stock/part of our pay in the gonads. Just get a double whammy.

I'm new to this site. I feel like i havent seen many comments from people in PVS under Tom Ap Simon. He was 100% in charge when I came on in 2020. In 2022, they hired a lady to take over PVS so Tom could focus on higher education. This lady was way more personable and professional than Tom in my opinion. She obviously had a vision, and part of that was to create a new department. She hired a black woman for that department who was very qualified based on previous work experience. Not even 2ish years into the role, this competent PVS leader departed. They did not replace her. They said Tommy boy would absorb and handle both Higher Ed and PVS. A few months after our original PVS VP left, our smaller dept head left abruptly. They did not replace her either and instead shoved our department into another that make 0 sense for half of the employees there.

PVS has a goal to increase enrollment by almost 50%. That is an insane metric and didn't even happen during Covid. On top of that, they so far have hired literally no one on the school facing side of things to support these schools/students. I thing they are eventually going to just sell PVS because it's obvious the powers that be don't understand the actual work that's needed to make this business line successful.

She gave word salad on what they want to do without a plan how to achieve it.
Just BS without any weightage..

Really liked D. Gold answer that he wants to focus on “how”.. everyone always talk about what.

I've been working here for two years and still don't understand how they keep the lights on. The people running this place make decisions that hurt the business constantly. They ignore what customers want, run off good staff, and act surprised when sales drop. It's a miracle we're still around.

First, alignment doesn't exist. Ask three managers the same question and you'll get three answers, maybe four. Then when you actually need support, when you raise your hand because you're stuck, they go blank. No ideas, no resources, and no help. Just a lot of blinking. But God forbid you make an error. Then they're everywhere. Suddenly they have all the time in the world to watch you and question every step, just to make sure you know you sc--wed up. They can't help you succeed but they'll definitely monitor your failure.

Seriously disgusted.

How do they justify spending company dollars on trips to Disney World when thousands are being laid off?

You don’t hate this company enough.

https://www.linkedin.com/posts/adamfalat_healthcareleadership-digitalhealth-healthtech-share-7437488519410880512-_Y0L?utm_source=share&utm_medium=member_ios&rcm=ACoAAAH2E40Bnd7RAziuQBDoENHzgN671-AUNTg

I would like to raise concerns regarding workplace culture and accountability, particularly related to an East Coast office. There have been ongoing reports from employees expressing discomfort with certain interactions and behaviors involving male colleagues.

Additionally, there is a perception among some staff that complaints about inappropriate comments or conduct toward female employees have not been consistently addressed. This has created concern about whether employees feel safe and supported when raising workplace issues.

There have also been broader concerns raised about leadership response and whether appropriate steps are being taken when complaints are reported. When employees take the step to bring forward concerns, it is important that they feel those concerns are taken seriously and reviewed objectively.
I believe it would be beneficial for leadership and HR to review these concerns to ensure that workplace standards, professionalism, and accountability are being upheld across all offices.

Leaders need to be in office as consistently as the employees they force to be there to protect their employees if you aren’t going to address the behavior. Get out of meetings and offices and start doing your job!

Good article from "The Hill" on remote work, flexibility and why mandates just don't work.

https://thehill.com/opinion/technology/5775420-remote-first-productivity-growth/

"...Leaders sometimes argue that stricter in-office rules are needed to fix collaboration or innovation. The better path is to raise the bar on management, not badge swipes. The Institute for Corporate Productivity report describes organizations that use “magnet, not mandate” logic, pairing remote-first defaults with intentional gatherings, clear policies and outcome-based performance management. The combination produces high trust, defined norms and sustained results.

The risk profile for mandates is asymmetric. If they fail to lift performance, you absorb morale damage and replacement costs while sending a public signal that policy, not management, is your lever. If they “work,” the effect often comes from short-term pressure rather than durable operating improvements. .."

"...Executives face a choice. They can pursue badge-driven control that fails to raise performance and risks losing their best people, or they can treat flexibility as a strategy, design for trust and clarity, and measure what matters. The organizations that choose the latter are building stronger teams and better businesses. The smart move now is not to roll back flexibility — it is to raise the standard for how you lead..."

No airline background, and remote from Sweden…

Bro, if you’re going to make this an ‘ask me anything’ type of event. Grow a pair and answer the top question, don’t have your staff delete it and pretend it didn’t happen.

From my perspective, there is little evidence of meaningful leadership within the organization. The senior management team appears largely aligned around maintaining the status quo rather than addressing the significant challenges the company is facing (all 'Yes' men in key roles).

There seems to be little willingness to communicate candidly with JG about the realities in the marketplace. In many cases, customers have lost confidence in SAS, and a growing number are actively exploring or implementing plans to replace our solutions. This trend is likely to accelerate in the near future.

At the same time, the company lacks a clearly defined competitive strategy and the VIYA platform has not resonated with many customers in the way it was intended. Unless these issues are acknowledged and addressed directly, the gap between leadership’s perception and the market’s reality will continue to widen. Just look at the SAS revenues at being flat or declining and one of our biggest competitors, Databricks, has 60-70% revenue growth and over 100% market valuation Y/Y growth. Not once during the company kick-off meetings did our senior management team even acknowledge the competitive battle we are facing in the marketplace nor was any type of competitive strategy discussed/presented. How is that possible? How can management present a revenue growth plan for SAS when we are clearly losing market share rapidly and there is no competitive strategy to address it?

If SAS were a publicly traded company, the current trajectory would likely invite significant scrutiny from the market and there would be rampant short selling. It's a very sad story playing out in front of so many great employees. I wish I could do more but, unfortunately, no one in power cares to listen.

@ka+1kk76xn44 said it perfectly.

150 Years of History, 0 Years of Perspective

I’ve been trying to process the absolute disconnect of AT&T’s "celebration," but the more I think about it, the more insulted I feel.

Today, leadership stood up and proudly touted a $250 billion infrastructure investment. A quarter of a trillion dollars. It’s a staggering number meant to impress shareholders and the media. But for the people actually building, selling, and supporting that infrastructure? We got a sticker and a stale cookie.

The "Grand" Celebration Breakdown:

The Investment: $250,000,000,000 for the network.

The Employee Reward: A single cookie and a sticker (and only if you were lucky enough to be at a "core" location).

The Message: If you aren't a piece of hardware or a fiber line, you aren't worth the investment.

It is genuinely embarrassing to work for a company that talks a big game about "culture" and "people-first values" while treating a once-in-a-century milestone like an afterthought. 150 years is a massive achievement, yet there wasn't even an attempt at a commemorative item or a gesture that felt permanent. A cookie is gone in thirty seconds; a sticker belongs in a middle school classroom.

The Downhill Slide

We’ve watched the employee experience erode year after year. Milestone anniversaries: once a point of pride in this company, have been gutted. To see them brag about billions in spending while failing to provide even a basic token of appreciation to the global workforce is the ultimate "read the room" failure.

We aren't asking for a slice of the $250 billion. We’re asking for respect. We’re asking for a culture that actually acknowledges the human effort behind the numbers. Instead, we got a sugar crash and a piece of adhesive paper.

AT&T isn't a "family" or a "culture" at this point, it’s just a giant machine that forgot it’s powered by people.

Sanjiv just hosted an EMEA Town Hall and announced significant reduction in EMEA workforce. Looks like GNT and Security will be hit hard, possibly including divestiture & partnering with other companies, but no doubt all functions and countries within region will be hit. Hearing rumours of 20-30%.
Now we have to wait in torturous silence until the EWC Works Council consultation process begins and ends. No doubt UK will be hit the hardest due to the significant hurdles in European law making it more expensive to get rid of people there...

For those of us who stayed on to the end of the call whilst the Leadership team didnt realise they were still live, the cat is out of the bag, as they put it!

I predict Gail will leave the company within a few months (if not sooner), whether it’s her own decision or not. I’ve been here a long time and I’ve never seen a CEO stay as long as her. Our stock is tanking, and has been tanking for at least a year. I cannot believe she’s still the CEO. She’s the common denominator in all of our troubles.

My group leader status changed to unknown at 5 pm. It’s now 5:25 I have SMS them they blocked me immediately? San Jose what is going on? Also s d** S** and A** status unknown