HBC’s CEO Gerald Storch steps down

Hudson’s Bay Company (HBC) has announced that Gerald L. (Jerry) Storch has decided to leave as the company’s chief executive officer, effective November 1, 2017, to return to his advisory firm, Storch Advisors.

Commenting on Storch’s resignation, Richard Baker, Governor and Executive Chairman of HBC, said in a statement: "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."

During the search process for a new CEO, 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 chief financial officer, and a number of other operational executives.

"HBC has a long, successful history, with talented people, assets, geographic reach and digital infrastructure. 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," added Storch.

Picture:Facebook/Hudson's Bay