Press Releases
HUDSON'S BAY COMPANY ANNOUNCES REALIGNMENT OF SENIOR MANAGEMENT TEAM AND APPOINTS NEW BOARD OF DIRECTORS
March 9, 2006, Toronto, Ontario – Today, Hudson's Bay Company (Hbc) announced the realignment of the Company’s senior leadership team and the members of its new Board of Directors.
The following changes are effective today:
·Jerry Zucker is Governor and Chief Executive Officer, Hbc;
·Michael Rousseau assumes the role of President, Hbc from the position of Executive Vice President and Chief Financial Officer. Mr. Rousseau will lead a newly appointed Senior Management team comprised of Hbc executives who have been promoted and/or taken on new roles;
·George Heller will retire as Chief Executive Officer and President, Hbc and will assume the role of Senior Director of the Company’s newly-established Board of Directors.
Leaving the organization will be Marc Chouinard, Chief Operating Officer, Thomas Haig, Executive Vice President and Peter Kenyon, Executive Vice President.
“I would like to thank George Heller and his team for establishing a great foundation on which we can build a very promising future for Hbc,” stated Jerry Zucker, Governor and Chief Executive Officer, Hbc. “The changes we are making today will result in a more streamlined, flexible, and responsive organizational structure. Decision making will be team based, but yet decentralized, which will result in more timely and efficient outcomes.”
He added “I am impressed by the depth of management talent already in place, and I am especially confident in Mike Rousseau and our selected team’s ability to grow the business as we enter a new chapter in the history of Hbc.”
Board of Directors
The Corporation also announced the new composition of the Board of Directors.The following nominees of Maple Leaf Heritage Investments Acquisition Corporation have been appointed to the Board of Directors: Jerry Zucker, Peter C. Bourgeois, Paul Campoli, Robert B. Johnston, Michael P. Lowry, Brice Sweatt and Julian A. Tiedemann.
In addition, the Board of Directors has appointed Michael Rousseau, James A. Ingram and George Heller to serve as directors.Mr. Zucker has been previously appointed Governor of the Corporation by the outgoing Board and will continue in his new role.Messrs. Bourgeois, Campoli and Lowry have been appointed to the audit committee of the Board of Directors.
About Hbc
Hudson’s Bay Company, established in 1670, is Canada’s largest department store retailer and oldest corporation. The Company provides Canadians with the widest selection of goods and services available through retail channels that include more than 570 stores led by the Bay and Zellers chains. Hudson's Bay Company is one of Canada’s largest employers with 70,000 associates and has operations in every province in Canada.
For more information:
Hillary Stauth
Hudson’s Bay Company
416 861 6315
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