Hudson's Bay Searches for New CEO as Chief Steps Down
Gerald L. (Jerry) Storch has stepped down as CEO of HBC, effective Nov. 1, 2017, to return to his advisory firm, Storch Advisors. The department store company has retained an executive search firm to recruit a CEO to further enhance HBC’s strategies and take it to the next phase of development and growth.
“The Board and I are grateful for Jerry’s contributions over the past three years, including enhancing our all-channel strategies, recruiting key talent, leading our cost cutting efforts, and working to address the challenges for our banners in the fast-evolving retail environment. We thank Jerry and wish him the best,” said Richard Baker, governor and executive chairman of HBC.
During this process, Baker, who had previously served as CEO, will reassume those duties in addition to his current role, on an interim basis, supported by the executive leadership team, which consists of the company’s banner presidents, HBC’s CFO, and a number of other operational executives.
“HBC has a long, successful history, with talented people, assets, geographic reach and digital infrastructure," said Storch. "I have great confidence in the company and the executive leadership team’s ability to take the right actions to position HBC for leadership in the retail industry as it evolves into the future. I’m looking forward to returning to my advisory firm to work with a range of companies during this transformational time for the retail industry.”
“Right now, our entire team in North America and Europe is focused on delivering a strong holiday season and best serving our customers," concluded Baker. "At the same time, we are looking to the future with great anticipation as we work on plans to maximize the strength of our leading retail and real estate assets. The board, executive leadership team and I look forward to enhancing value for all of our shareholders now and over the long term.”