Hudson's Bay Company Announces Resignation of CFO


TORONTO--(BUSINESS WIRE)--February 10, 2014-- Hudson's Bay Company (TSX:HBC) ("HBC" or the "Company") today announced that Michael Culhane has resigned as CFO of the Company effective February 7, 2014. Mr. Culhane joined The May Department Stores Company ("May Company") in 1997. In 2004, Mike was promoted to CFO of the Lord & Taylor ("L&T") division of May Company, which in 2006 was sold to NRDC Equity Partners led by Richard Baker, Governor and CEO of HBC. In 2009, Mr. 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 Mr. 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 Mr. 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 Executive Vice President of 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.

About Hudson's Bay Company

Hudson's Bay Company, founded in 1670, is North America's longest continually operated company. Today, HBC offers customers an unparalleled range of retailing categories and shopping experiences internationally. In Canada, HBC operates Hudson's Bay, Canada's largest department store with 90 full-line locations and one outlet store as well as, unsurpassed in its fashion, beauty, home and accessory designers and brands. HBC also operates Home Outfitters, Canada's largest home specialty superstore with 69 locations across the country.

In the United States, HBC operates Saks Fifth Avenue, one of the world's pre-eminent specialty retailers, renowned for its superlative designer collections and first-rate fashion expertise. Saks Fifth Avenue comprises 41 full-line stores in 22 states, five international licensed stores,, 72 Saks Fifth Avenue OFF 5TH stores and HBC also operates Lord & Taylor, a leading department store chain with 49 full-line store locations throughout the northeastern United States, in two major cities in the Midwest and in Boca Raton, Florida, four Lord & Taylor outlet locations and Hudson's Bay Company banners provide stylish, quality merchandise with a dedicated focus on service excellence. Hudson's Bay Company trades on the Toronto Stock Exchange under the symbol "HBC".