Hudson's Bay Co. CEO Gerald Storch leaving, executive chairman assuming CEO role

Cornelia Mascio
Ottobre 21, 2017

Hudson's Bay CEO Gerald Storch will resign his position on November 1. (TSX:HBC) says chief executive Jerry Storch is leaving the company and returning to his own consulting firm as of November 1.

Canadian retailer Hudson's Bay Co said on Friday Chief Executive Gerald Storch will step down, effective November 1, to return to his advisory firm Storch Advisors.

The company has said it is exploring all options, which reportedly include going private.

Richard Baker, HBC's executive chairman, will serve as its interim CEO while the company searches for a new leader.

Just as business is stepping up for the holiday season, Hudson's Bay Co.'s chief executive is stepping down, the company announced on Friday.

HBC's shares, traded on the Toronto Stock Exchange, closed up 11 cents on Friday, to $11.96.

Based in Toronto, Hudson's Bay has faced increasing pressure from shareholders to find alternative ways to increase profits, such as selling some its most valuable real estate assets, including its flagship Saks store in NY.

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