Hudson's Bay Company Appoints Gerald L. Storch Chief Executive Officer
Hudson's Bay Company ("HBC" or the "Company") (TSX:HBC) announced today
the appointment of Gerald (Jerry) Storch as Chief Executive Officer,
effective January 6, 2015. Storch will be responsible for Hudson's Bay,
Lord & Taylor, Saks Fifth Avenue, Saks OFF 5TH, Home Outfitters and HBC
Digital. Richard Baker will continue as Governor and Executive Chairman
and together he and Storch will compose the Office of the Chairman.
Donald Watros has been appointed President of HBC's newly formed
International unit. In this role he will focus on identifying, launching
and operating international expansion opportunities. Watros will
continue to report to Baker.
Richard Baker said, "The Board and I could not be more pleased to have
Jerry, an accomplished executive with a proven track record of growing
retailers through both digital and traditional channels, join us. We
believe this change will enhance our growth strategy". Baker went on to
say, "I have had the opportunity to work closely with Jerry over the
past year as he advised on the development of our OFF 5TH strategy. I
was impressed with his strategic vision, leadership, collaborative
approach and operational expertise, and look forward to working with
Jerry Storch commented, "I'm thrilled to join Hudson's Bay Company and
partner with Richard. The HBC team has built a very strong foundation
and I am excited to help take the company to the next level. There are
many exciting opportunities across these great retail franchises,
including strengthening the connection between our store and digital
businesses, expanding our Outlet channel and investing in our world
class store base."
About Gerald Storch
Gerald Storch has had a distinguished 30-year career in retail
leadership and management consulting. As Chairman and CEO of Toys"R"Us,
Mr. Storch led a resurgence of the business and grew the company into a
$13 billion global retailer. He expanded the company's ecommerce
business to over $1 billion, drove growth in China and throughout the
world and oversaw acquisitions including FAO Schwarz, eToys and KB Toys.
Prior to his tenure at Toys"R"Us, Mr. Storch was Vice Chairman of
Target. Among his accomplishments there, he founded and grew Target.com,
founded and ran Target's grocery business and founded and oversaw the
Target Financial Services credit card business. He also oversaw the
Marshall Field's Department Stores and led Target's Corporate Strategy
function for over a decade.
Prior to Target, Mr. Storch was a Principal at McKinsey & Company from
1982 to 1993. Mr. Storch advised Fortune 500 retail, consumer goods and
financial services clients.
Mr. Storch received a MBA from Harvard Business School, a JD from
Harvard Law School, and a BA from Harvard College. Mr. Storch is
non-Executive Chairman of the Board of Supervalu and a Director of both
Bristol Myers Squibb and Fanatics.
About Hudson's Bay Company
Hudson's Bay Company, founded in 1670, is North America's longest
continually operated company. Today, HBC offers customers a range of
retailing categories and shopping experiences primarily in the United
States and Canada. Our leading banners - Hudson's Bay, Lord & Taylor,
Saks Fifth Avenue and Saks Fifth Avenue OFF 5TH - offer a compelling
assortment of apparel, accessories, shoes, beauty and home merchandise.
Hudson's Bay is Canada's most prominent department store with 90
full-line locations, two outlet stores and thebay.com.
Lord & Taylor operates 50 full-line locations primarily in the
northeastern and mid-Atlantic U.S., four Lord & Taylor outlet locations
Saks Fifth Avenue, one of the world's pre-eminent luxury specialty
retailers, comprises 39 U.S. stores, five international licensed stores
OFF 5TH offers value-oriented merchandise through 80 U.S. stores and saksoff5th.com.
Home Outfitters is Canada's largest kitchen, bed and bath specialty
superstore with 69 locations. Hudson's Bay Company trades on the Toronto
Stock Exchange under the symbol "HBC".
Hudson's Bay Company
Tiffany Bourré, 905-595-7184
Source: Hudson's Bay Company
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