Karen Katz Steps Down as Intermix Interim CEO
Karen Katz, who has been interim chief executive officer of Intermix, has decided to step down from the role. She will continue as a board member.
James Rushing will become interim CEO, effective immediately, and will maintain his current role as interim chief financial officer. The company will embark on a search for a new CEO, said industry sources.
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Katz, who couldn’t be reached for comment, has been in the role since June 7. She became an Intermix board member last April.
Katz is the former president and CEO of the Neiman Marcus Group and had taken over duties held by Jyothi Rao, CEO, who decided to step down.
In a letter to employees Tuesday obtained by WWD, Katz said, “I’m stepping back knowing that the current leadership team is well suited to continue working to overcome the challenges of our current economic environment. Given these dynamics, we are continuing to evaluate options to improve our position and will keep you updated on developments.
“Like many others in the retail industry today, we are managing a variety of headwinds. Nonetheless, I am optimistic about our areas of strength — our private label business, our leading omnichannel boutiques and our unique and highly curated edit that has excited our loyal customers since our founding,” she wrote.
Before joining Intermix, Rushing was founder of JKR Advisors and a partner in Kearney, the global management firm. He has also been an associate partner at McKinsey & Co.
“In addition to his finance expertise as CFO, he has experience in corporate and organizational strategy, with a focus on driving revenue and navigating complicated environments. He already intimately understands our business, our team and our customers, so I can ensure that this transition will be truly seamless,” Katz wrote in her letter.
In May 2021, Altamont Capital Partners acquired the entire Intermix business, including all store leases, e-commerce and assets, from Gap Inc. for an undisclosed sum. Intermix had accounted for less than 1 percent of Gap Inc.’s sales. Gap bought Intermix in January 2013 for $130 million in an effort to put a contemporary and hipper fashion halo over the company and expand Intermix. On both accounts, that didn’t happen and some criticized the acquisition as a distraction for the Gap.
When Katz took the job, she said in an interview that she felt there was a lot of opportunity for the business, as the retailer was becoming independent and would be working with the team and ACP on growth strategies for the 30-unit fleet.
Katz, who led Neiman Marcus Group through its digital transformation, spent eight years as CEO and 33 years with the company in a variety of positions. She retired in 2018. She currently serves on such public company boards as The RealReal and Under Armour. She also spends time as a board member on privately held consumer company boards and acts as an adviser to a number of start-ups in the technology, service and product spaces. In addition, she is chair of the board of the Perot Museum of Nature and Science in Dallas, Texas.
