HBC’s CFO Michael Culhane Resigns

Hudson’s Bay Company today announced that Michael Culhane has resigned as CFO of the company.

Culhane joined The May Department Stores Company in 1997. In 2004, he was promoted to CFO of the Lord & Taylor division of May Company, which in 2006 was sold to NRDC Equity Partners led by Richard Baker, governor and CEO of HBC. In 2009, Culhane was appointed CFO of HBC.

“This is the ideal time for me to leave HBC as the company is well positioned for the future,” said Culhane. “I wish all of HBC’s associates and business partners continued success.”

“I would like to thank Mike for his contribution to HBC and its affiliates over the past eight years,” said Baker. “On behalf of the board of HBC, I wish Mike the best in his future endeavours.”

As previously announced, Donald Watros, president of HBC, has assumed the role of acting CFO, and the company has appointed Douglas Scovanner as evp/finance and accounting, on an interim basis to support the acting CFO.

HBC has engaged a leading executive search firm to assist in recruiting a new CFO.