HBC Names Michael Culhane Chief Financial Officer

TORONTO & NEW YORK – HBC L.P. has appointed Michael Culhane as Chief Financial Officer of HBC. A highly-accomplished, performance-driven executive, Mr. Culhane brings more than 30 years of finance and accounting experience primarily in the retail sector.

Most recently, Mr. Culhane served as Chief Financial Officer at ULINE, Inc., a privately-held shipping and industrial supplies distributor, where he was responsible for overseeing the accounting, tax, financial planning and analysis, credit and collections, treasury, accounts payable and corporate legal functions. Previously, Mr. Culhane held the role of Chief Financial Officer for The Bon-Ton Stores and Fareportal Inc., an online travel agency. Mr. Culhane also served as Chief Financial Officer for HBC and held senior finance roles with The May Department Stores Company.

Richard Baker, HBC’s Governor, Executive Chairman and CEO said, “With Michael’s extensive professional background and industry expertise, he will be vital to ensuring we maintain our financial discipline as we make investments for the long term. I am pleased to welcome Michael back to HBC and am confident that he is the right leader to help drive performance as we work to evolve HBC and our operating companies for the future.”

On his appointment as the holding company’s CFO, Mr. Culhane said, “This is an exciting time to return to such an iconic company. I look forward to building upon the tremendous work the team has done to empower each of our operating companies as they capitalize on opportunities in their respective markets while driving growth.”

Mr. Culhane succeeds Ed Record who is stepping down from the company as planned. Mr. Record will remain with HBC for the time being to ensure a smooth transition as Mr. Culhane is onboarded.

Mr. Baker added, “We thank Ed for his strong leadership over the past three years, including helping to successfully complete HBC’s privatization transaction and for effectively managing the company’s financial position throughout his tenure. We wish him the best in his future endeavors.”

About HBC

HBC is a diversified retailer focused on driving the performance of high-quality stores and their omni-channel platforms and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes formats ranging from luxury to premium department stores to off-price fashion shopping destinations, with over 250 stores and about 30,000 employees around the world. HBC’s leading businesses across North America include Saks Fifth Avenue, Hudson’s Bay and Saks OFF 5TH.

HBC also has significant investments in joint ventures. It has partnered with Simon Property Group Inc. in the HBS Joint Venture, which owns properties in the United States. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.

Media Contact:

Nicole Schoenberg