Jerry Storch, CEO of Canadian retailer Hudson’s Bay Company (HBC), is to step down from the company in order to return to his advisory firm, Storch Advisors.
Storch, who will leave his position on 1 November, will be replaced on an interim basis by governor and executive chairman Richard Baker while HBC conducts its search for a new CEO.
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“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,” says Baker. “We thank Jerry and wish him the best.”
Storch adds he has “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,” he says.
Meanwhile Baker, who has previously served as CEO, explains the retailer is currently focused on delivering a strong holiday season and best serving its customers.
“At the same time, we are looking to the future with great anticipation as we work on plans to maximise the strength of our leading retail and real estate assets,” he adds. “The board, executive leadership team and I look forward to enhancing value for all of our shareholders now and over the long term.”
Last month, HBC said it is optimistic about the remainder of the year, despite widening its net losses in the second quarter, as its restructuring efforts, designed to generate more than CAD350m (US$282.6m) in savings, is “proceeding as expected”.
Hudson’s Bay restructuring effort “proceeding as expected”
