NEW YORK, United States — In a surprising turn of events, Marigay McKee has mutually agreed with Saks Fifth Avenue to step down as president only 15 months after taking the helm at the venerable luxury retailer, and Mark Metrick was named as her successor.

Metrick had served as the chief strategy officer at Saks before joining Hudson's Bay Co., where he most recently served as executive vice president and chief administrative officer.

Saks agreed in 2013 to be sold to Hudson's Bay, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion. Metrick, 41, will continue to report to Hudson's Bay CEO Gerald Storch.

By: Associated Press, with additional reporting from BoF.