Canadian department store group Hudson’s Bay is to part ways with its CEO, Jerry Storch, on 1 November. Until a new CEO is found, executive chairman Richard Baker takes up the role of temporary CEO.
Weak European performance
It is not entirely clear why Storch has decided (or was forced) to leave the company, but the group has struggled as of late. Its European investments weighed down the results and some shareholders demanded the company divested entirely from Europe. Baker and Storch have apparently also clashed about the Canadian company’s future.
Hudson’s Bay has a director for each chain, responsible for the day-to-day operations, which means Storch’s departure will not impact the operations that much: he mainly focused on the long-term planning.
Storch will now return to Storch Advisors, the company he led before joining Hudson’s Bay. It operates around the globe as a consultant. Previously, he was also CEO at toy store chain Toys ‘R’ Us.