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Press Releases
Hudson's Bay Trading Company Announces Creation of a Shared Services Group
Jeffrey Sherman is named President and CEO of HBTC
January 20, 2009—Toronto—Hudson’s Bay Trading Company (HBTC) announced today Jeffrey Sherman will become President and CEO of HBTC and will oversee all retail banners including Canadian based The Bay, Zellers, Home Outfitters, and Fields as well as US based Lord & Taylor and Creative Design Studios.
This new structure has enabled HBTC to create a Shared Services Group. Don Watros, Chief Operating Officer of HBTC Shared Services Group, will head up this new division. The Shared Services Group was created to streamline and integrate central functions including Finance, IT, Supply Chain, Logistics, and Operations. Reporting directly to Mr. Sherman, Mr. Watros will be responsible for managing all shared services functions that support the Canadian and US banners while identifying critical operational processes and synergies that will be better leveraged across all businesses.
Mr. Sherman said, “This reorganization will enable us to reposition Hudson’s Bay Company and Lord & Taylor into a leading integrated North American retail enterprise. Aligning all of the banners and businesses across North America ensures that we are better positioned to address the current retail environment, leverage our scale as a major North American retailer, and set up HBTC for long term success.”
Reporting to Mr. Watros will be the teams from Finance, IT, Supply Chain & Logistics and Central Operations, which will be supported by the following key appointments:
Mike Culhane, Senior Vice President, Finance, HBC, Canadian banners
Chris Sim, Senior Vice President, Finance, U.S. banners (also reporting to Lord & Taylor CEO Brendan Hoffman)
Dan Smith, Chief Information Officer, HBC, Canadian & U.S. banners
Gary MacDonald, Senior Vice President, Supply Chain, Logistics, Central Operations, Real Estate, Canadian banners
Bill Tracy, Executive Vice President, Supply Chain & Logistics, U.S. banner
Parker Vaughey, Vice President, Strategic Planning and Internet
Bob Kolida will be appointed Executive Vice President, Human Resources, HBTC, and will report directly to Mr. Sherman. Mr. Kolida will be responsible for Human Resources across all banners in Canada and the U.S.
Outgoing Senior Vice President & Chief Financial Officer Steve Richardson will depart the company in mid-March to pursue other interests. Mr. Richardson, who informed the company of his intention to leave late last year, was an integral member of senior leadership team of HBC and offered invaluable assistance in the transition to new ownership last year.
Each banner President will continue to report to Mr. Sherman and will maintain banner-specific marketing, merchandising, and store teams. Mark Kinnin, Vice President, Olympics and Total Brand Management; Susan Davidson, President, Creative Design Studios; and Kerry Mader, Senior Vice President, Home Outfitters remain in their current positions and continue to report to Mr. Sherman.
Last week HBTC invested an additional $130 million into its retail division. Lord & Taylor was allocated $60 million, and HBC was allocated $70 million. In addition, after pay down of L&T's existing debt and a re-locking of the interest rate, L&T will save $70 million in interest payments going forward.
U.S. Media Contact - Lori Rhodes (917) 596-9131
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