Former CEO of Neiman Marcus takes reins at Intermix
Intermix is searching for a new chief executive.
The luxury apparel retailer named Karen Katz, Intermix board member, as interim CEO, effective June 7. She replaces Jyothi Rao, who has decided to step down after serving as CEO of Intermix since September 2014.
Katz is the former president and CEO of Neiman Marcus Group, serving in the role from 2010 to her retirement in 2018. She joined the company in 1985, and held roles with increasing responsibilities before being named chief executive.
The change in leadership comes approximately one year after Gap Inc. entered into a deal to sell Intermix to private-equity firm Altamont Capital Partners in order to focus on its core banners. (Gap bought Intermix for approximately $130 million at the end of 2012.)
“We are thrilled to have Karen step into the role as interim CEO,” said Keoni Schwartz, co-founder and managing director of Altamont Capital Partners. “I want to thank Jyothi for her leadership at Intermix. Her strategic vision to fully integrate the stores with the e-commerce business positioned the brand to be a leading omnichannel fashion business for women.”
Katz serves on three public company boards: Humana Healthcare, Under Armour and The Real Real. She also spends time as a board member on privately held consumer company boards and acts as an advisor to a number of startups in the technology, service and product spaces.
“Over the past eight years, Jyothi has crafted a meaningful vision for the brand and built a great team to lead Intermix through its next chapter,” said Katz. “Anyone who has had the pleasure of working closely with Jyothi has benefited from her experience, knowledge of the industry, and passion for the customer. I am looking forward to partnering with Altamont Capital Partners and this committed Intermix team to continue the momentum and help Intermix deliver the best product and omnichannel experience to its current and future customers. In working with many private equity firms throughout my career, the team at ACP is completely aligned on our focus in delivering a great customer experience and growing shareholder value.”
Katz is also the chair of the board of the Perot Museum of Nature and Science in Dallas.