Hudson's Bay announced that Gerald Storch has been named CEO, effective January 6, 2015. He will be in charge of Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Saks Off 5th, Home Outfitters and HBC Digital.
Richard Baker will stay in his role as governor and executive chairman and, together with Storch, will make up the office of the chairman.
"The board and I could not be more pleased to have Jerry, an accomplished executive with a proven track record of growing retailers through both digital and traditional channels, join us," Baker said in a statement. "We believe this change will enhance our growth strategy. I have had the opportunity to work closely with Jerry over the past year as he advised on the development of our Off 5th strategy. I was impressed with his strategic vision, leadership, collaborative approach and operational expertise, and look forward to working with him."
Storch has 30 years of experience in the retail industry and management consulting. He was previously chairman and CEO of Toys R Us, where he helped revive the retailer and grow the chain to a $13 billion global company. He built out the retailer's e-commerce business, spurred growth in China and oversaw acquisitions including FAO Schwarz, eToys and KB Toys. Press release