By Carolyn King
TORONTO-- Hudson's Bay Co. said Wednesday that seasoned retail
executive Gerry Storch will take over as chief executive early next
month, with current CEO Richard Baker continuing as governor and
executive chairman of the Canada-based department-store
operator.
Mr. Storch, who was chief executive of Toys "R" Us Inc. until
early last year, is a former Target Corp. executive and recently
advised Hudson's Bay on its strategy for Saks OFF 5TH, Mr. Baker
said in a statement. Hudson's Bay acquired OFF 5TH as part of its
acquisition of luxury retailer Saks Inc. in November 2013.
Storch will be responsible for Hudson's Bay, Lord & Taylor,
Saks Fifth Avenue, Saks OFF 5TH, Home Outfitters and HBC Digital,
and together with Mr. Baker will comprise the Office of the
Chairman, Hudson's Bay said. His appointment is effective Jan.
6.
Hudson's Bay has been working on unlocking the value of Saks'
real estate. It also plans to bring the Saks brand to Canada next
year. Mr. Baker said Mr. Storch's appointment will help with that
growth strategy.
Mr. Storch has business and law degrees from Harvard and has
worked for consulting firm McKinsey Co. The longtime consultant has
a reputation as a big-picture thinker.
The company also named Donald Watros as president of a new unit
focused on international expansion opportunities. Mr. Watros will
continue to report to Baker.
Write to Carolyn King at carolyn.m.king@wsj.com
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