Barneys CEO Rumored to Resign

Barneys CEO Rumored to Resign
May 13, 2008

According to anonymous sources, Barneys New York CEO Howard Socol has told colleagues that he plans to resign, Nytimes.com reported. Socol, who might announce his resignation as early as this week, has 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. A spokesperson for Barneys did not comment, and Istithmar did not return multiple phone calls and e-mail messages from The New York Times. Socol, who led the Burdines department store chain (now Macy's) until 1997, joined Barneys in 2001, succeeding Allen I. Questrom.

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