Hudson’s Bay Co. chief executive Jerry Storch is leaving the company, after serving in the Canadian retail company for just under three years.
Effective 1 November 2017, Storch will return to his advisory firm, Storch Advisors, after being the second-top ranking executive in HBC, under Richard Baker, the group’s executive chairman and governor.
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With Storch previously reporting to Baker, it is believed that Baker felt it was time for a change at the top and had been thinking about it for a while.
“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,” said Baker.
“We thank Jerry and wish him the best,” he continued. Baker, who had previously served as CEO, will reassume the duties post-Storch on an interim basis, in addition to his current role, on an interim basis. The company’s executive leadership team will support him.
An executive search firm to recruit a new CEC has been launched by HBC. WWD reported that Jim Gold, president and chief merchandising officer of the Neiman Marcus Group; Tony Spring, chief executive officer of Bloomingdale’s; and Brendan Hoffman, ceo of Vince, who previously worked for Baker as president of the Lord & Taylor division of HBC, could be among those contacted during the search process.
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However, internal executives could also be considered or Baker could decide to pick someone from out of the traditional retail box, as Macy’s did in recently hiring Hal Lawton, a former senior vice president of eBay North America, as president.
HBC operates Saks Fifth Avenue, Lord & Taylor, Hudson’s Bay, Kaufhof, Saks Off 5th and Gilt. This year alone, the company has been suffering, reporting a net loss of 201 million Canadian dollars, or $162.3 million, for the second quarter for a total sales gain of 1.2%. Last June, the company announced 2,000 job cuts to save 350 million Canadian dollars annually.