NEIMAN EXITS BEGIN

August 2024 · 2 minute read

Neiman Marcus has seen its first important departures since it agreed to be acquired earlier this year by a group of private investors, sources said.

Joan Kaner, who served as a tastemaker to the wealthy across the country in her post as fashion director of the luxury department store, has resigned from the company.

Burton Tansky, the chief executive of Neiman Marcus, delivered the news to employees yesterday in an e-mail message, these people said.

Also taking his leave is Michael Bastian, the men’s fashion director of Bergdorf Goodman, which is owned by Neiman Marcus, sources said. Bastian is planning to launch his own line of men’s clothing.

Other high-ranking executives are expected to leave the company in coming days, a result of an acquisition by the Texas Pacific Group and Warburg Pincus that has made them wealthy beyond their expectations.

Long time employees like Kaner, who spent two decades with the retailer, have amassed large amounts of Neiman Marcus common stock. Like other shareholders, these employees were entitled to receive $100 per share in cash upon the deal’s Oct. 7 closing.

Industry sources said that Kaner walked away with as much as $6 million.

Neiman Marcus did not return a call seeking comment. Kaner was not immediately available.

Several names have been floated as possible replacements for Kaner, including Ken Downing, director of corporate public relations, one person said.

Industry sources said that they were concerned that Downing lacked the relationships with designers that made Kaner such a force in the industry.

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