New York City The CEO of Barneys New York has said he plans to resign, The New York Times reported on Saturday.
Citing colleagues of Howard Socol, who presided over the companyâ€™s steadying after it fell into bankruptcy in the mid-1990s, the report said that people with knowledge of the situation had said Socol had sharp differences with the companyâ€™s new owners over strategy, including plans for overseas expansion.
Barneys was bought from Jones Apparel by Istithmar, the investment arm of the Dubai government, for $942 million last summer.
Socolâ€™s colleagues spoke on condition of anonymity, and said he might announce his resignation as early as next week, the Times said.
Socolâ€™s â€śfrustration level (with Istithmarâ€™s plans) was pretty high,â€ť the newspaper quoted one person familiar with the situation. Socol joined the company in 2001.
A spokeswoman for Barneys, VP Dawn Brown, said the company had no comment, and representatives of Istithmar did not return phone calls or e-mail messages, the Times said.