CEO of Saks, Lord & Taylor steps down [CNN]
Macy's Inc (M)
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Source: CNN
CEO of Saks, Lord & Taylor steps down The CEO of Hudson's Bay Company -- which owns the Saks Fifth Avenue and Lord & Taylor department stores -- stepped down on Friday. The company said in a press release that Jerry Storch, who has led HBC ( HBAYF ) since January 2015, will return to his advisory firm, Storch Advisors. His resignation will be effective November 1. HBC says it has "retained an executive search firm" to find a replacement for Storch. In the meantime, its former CEO and current executive chairman, Richard Baker, will serve as interim CEO. During Storch's tenure, the Canadian-based company said it was looking to expand through mergers and acquisitions. The firm made a play to buy Macy's ( M ) earlier this year, and in mid-2015 HBC said it landed a deal to purchase struggling German retailer Galeria Kaufhof. The executive shakeup at HBC comes at a tough time for the retail industry. As e-commerce giants and fast fashion brands have upended the industry, traditional b
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