What will be the future of Neiman Marcus?
Monday night, group CEO Burt Tansky announced that he would be retiring in October 2010. Tansky has had the position since 2001, yet has been with the Neiman Marcus company since 1989. As of now, he will be succeeded by Karen W. Katz, president and CEO of Neiman Marcus.
The Neiman Marcus brand has been one of the few to sustain during these tough economic times, with many saying is due to the tenacity and business savvy of Tansky. The company has been owned by private equity firms Warburg Pincus and TPG Capital since 2005, so the next step could be that those firms want to take Neiman's public. Katz, who has been with the company since 1985, is most likely to lead this through an IPO.
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