NEW YORK (AP) — Luxury retailer Neiman Marcus Group is naming a Ralph Lauren executive to succeed its CEO and President Karen Katz, who is retiring.

The Dallas-based retailer, which has been looking to cut its debt from leveraged buyouts, says that Geoffroy van Raemdonck will officially start Feb. 12. Katz will continue to serve on the company’s board of directors and will work closely with van Raemdonck to facilitate the transition. Katz has been with the company for 30 years, including the last seven as CEO.

Van Raemdonck, who was a group vice president for Europe, Middle East, and its Africa business at Ralph Lauren, led the transformation of all Ralph Lauren brands across all stores, wholesale and digital. His resume also includes stints at St. John Knits International and Louis Vuitton.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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