Property Types Retail
Barneys CEO Officially Resigns
May 15, 2008

Following several rumors and reports of the resignation of its CEO, Barneys New York has officially announced that Howard Socol, chairman, president and CEO of the company, has resigned.

Socol will remain with Barneys through the end of June. Socol had served in the role since January 2001 through a period of company growth and two changes in ownership. According to The New York Times, Socol had reportedly disagreed over strategy with the retailer's new owners, especially regarding plans to expand the chain internationally. Dubai, U.A.E.-based private-equity firm Istithmar acquired Barneys for $942 million in August from Jones Apparel.

"After more than seven of the greatest years of my long career in retail, I felt it was time to take time to enjoy all the opportunities that life affords," Socol said. "I felt strongly about remaining with the company for a short period following the sale to Istithmar, as well as through the opening of our Las Vegas flagship. With the sale process well behind us and the Las Vegas location having opened in January of this year, this is the appropriate time to move forward." David Jackson, CEO of Istithmar, said the company is currently searching for a successor.

This article first appeared on www.ddimagazine.com, affiliated with Display and Design Ideas.

 
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