Canadian retailer Hudson’s Bay Co (TSX: HBC) has named Gerald Storch as its new CEO as of January 6, 2015. Storch was previously chairman and CEO of Toys “R” Us Inc. The company’s current CEO Richard Baker will continue as governor and executive chairman. He and Storch will also compose the office of the chairman. Hudson’s Bay, which went public in 2012, is a portfolio investment of U.S. private equity firm NRDC Equity Partners.
Hudson’s Bay Company Appoints Gerald L. Storch Chief Executive Officer
December 17, 2014
TORONTO–(BUSINESS WIRE)– 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 him.”
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 and lordandtaylor.com. Saks Fifth Avenue, one of the world’s pre-eminent luxury specialty retailers, comprises 39 U.S. stores, five international licensed stores and saks.com. 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
Director, External Communications
Source: Hudson’s Bay Company
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