TORONTO & NEW YORK--(BUSINESS WIRE)--Hudson's Bay Company ("HBC" or the "Company") (TSX:HBC) announced today that Paul V. Beesley is joining the Company as Chief Financial Officer, effective June 2014.
Mr. Beesley, 56, is a senior executive with extensive experience in financial management and strategic development across a range of leading Canadian-based companies. From 2000 to 2014, he served in a number of executive roles with Empire Company Limited, a corporation with annual sales in excess of $19 billion and operations in retailing and related real estate, including Chief Corporate Development Officer of the Sobeys Inc. unit and Executive Vice President and Chief Financial Officer of Empire. While at Empire, Mr. Beesley developed strategies resulting in the acquisitions of Canada Safeway and the remaining stake in Sobeys Inc., led the creation of an Empire-related REIT, and facilitated numerous financing transactions.
Prior to Empire, Mr. Beesley was Vice President and Chief Financial Officer of The Globe and Mail Company, and previously held finance, operational and strategic planning positions with Delrina Corporation, Suncor Energy and Varity Corporation. Mr. Beesley is a Certified Public Accountant and began his career at Peat, Marwick & Mitchell in Toronto. A native of Canada, Mr. Beesley holds a BSc degree from Dalhousie University, Halifax, Nova Scotia; and an MBA from St. Mary's University, Nova Scotia, Canada.
Mr. Beesley will report to HBC's Office of the Chairman, which consists of Richard Baker, Governor and CEO, and Donald Watros, President. Mr. Watros also has been serving as HBC's Interim CFO and will relinquish that role when Mr. Beesley joins the Company.
Richard Baker commented, "Paul Beesley is an accomplished professional who has contributed to the financial, strategic and operational progress of several leading corporations. His broad range of capabilities includes expertise in finance, capital markets and REITs. We are pleased to have Paul join HBC to help provide world-class fiscal leadership as we continue our development as a premier North American fashion retailer."
"My new position with Hudson's Bay Company affords the opportunity to join one of the most exciting companies in the retail sector. I look forward to working with the HBC team to deliver on the Company's strategic goals and to help drive its performance and shareholder value," said Mr. Beesley.
About Hudson's Bay Company
Hudson's Bay Company, founded in 1670, is North America's longest continually operated company. Today, HBC offers customers a range of retailing categories and shopping experiences primarily in the United States and Canada. Our leading banners – Hudson's Bay, Saks Fifth Avenue, Lord & Taylor and Saks Fifth Avenue OFF 5TH – offer a compelling assortment of apparel, accessories, shoes, beauty and home merchandise. Hudson's Bay is Canada's most prominent national branded department store with 90 full-line locations, one outlet store and thebay.com. Saks Fifth Avenue, one of the world's pre-eminent luxury specialty retailers, comprises 39 U.S. stores, five international licensed stores and saks.com. Lord & Taylor operates 49 full-line locations primarily in the northeastern and mid-Atlantic U.S., four Lord & Taylor outlet locations and lordandtaylor.com. OFF 5TH offers value-oriented merchandise through 73 U.S. stores and saksoff5th.com. Home Outfitters is Canada's largest kitchen, bed and bath specialty superstore with 69 locations. Hudson's Bay Company trades on the Toronto Stock Exchange under the symbol "HBC".