Hudson’s Bay Company (HBC) has announced that CEO Jerry Storch will be stepping down as CEO of the company, effective 1 November, in order to return to his advisory firm, Storch Advisors.
"HBC has a long, successful history, with talented people, assets, geographic reach and digital infrastructure. I have great confidence in the Company and the Executive Leadership Team's ability to take the right actions to position HBC for leadership in the retail industry as it evolves into the future” Storch said. “I'm looking forward to returning to my advisory firm to work with a range of companies during this transformational time for the retail industry."
Richard Baker, HBC’s Governor and Executive Chairman, who also previously served as CEO of the company, will be stepping in temporarily, in addition to continuing with his current role, whilst the company searches for a new suitable candidate.
"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."
The change comes at a trying time for HBC, with the retailer having struggled with sales losses and a continually falling stock price. June saw the company hit a five year low, having lost approximately 30% of its value over this period.