Hudson’s Bay CEO Steps Down

Hudson’s Bay CEO Gerald Storch has stepped down, effective November 1, to return to his advisory firm, Storch Advisors.

The company said it has retained an executive search firm to recruit a CEO to further enhance its strategies and take the company to its next phase of development and growth.

Richard Baker, governor and executive chairman of Hudson’s Bay, said, “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 this process, 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 retail banner presidents, chief financial officer, and several other operational executives.

Baker added, “Right now, our entire team in North America and Europe is focused on delivering a strong holiday season and best serving our customers. At the same time, we are looking to the future with great anticipation as we work on plans to maximize the strength of our leading retail and real estate assets. The board, executive leadership team and I look forward to enhancing value for all of our shareholders now and over the long term.”