Hudson's Bay Appoints Gerry Storch as CEO

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 [e-mail]

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