TORONTO Feb 10 Hudson's Bay Co's chief
financial officer resigned on Friday, and the Canadian retailer
said it had hired an executive search firm to find a
Michael Culhane went on personal leave on Jan. 22, and Chief
Operating Officer Donald Watros was appointed acting CFO at that
time. Watros will continue in that role until Hudson's Bay finds
a replacement for Culhane, the company said on Monday.
"This is the ideal time for me to leave HBC as the company
is well-positioned for the future," Culhane said in a statement.
Culhane became CFO of Hudson's Bay in 2009. He joined May
Department Stores Co in 1997 and was promoted to CFO of its Lord
& Taylor division in 2004. NRDC Equity Partners, led by Hudson's
Bay Chief Executive Officer Richard Baker, bought Lord & Taylor
Hudson's Bay also operates Saks Fifth Avenue in the United
States and its namesake chain and Home Outfitters in Canada.
Earlier this month, COO Watros also stepped into the newly
expanded role of Hudson's Bay president. As part of an
organizational structure announced last fall, he and Baker
oversee the company's retail division presidents and CFO.
Hudson's Bay is North America's oldest continually operated
company. With roots in the fur trading business, it was at one
point one of the world's largest landowners.
The retailer's shares were up 1.7 percent at C$16.03 in
morning Toronto Stock Exchange trading.