Hudson’s Bay Co. appointed Gerald (Jerry) Storch as chief executive officer, effective Jan. 6, 2015. Storch will be responsible for Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Saks OFF 5TH, Home Outfitters and HBC Digital. Richard Baker will continue as Governor and Executive Chairman and together he and Storch will compose the Office of the Chairman.
Donald Watros has been appointed president of HBC’s newly formed International unit. In this role he will focus on identifying, launching and operating international expansion opportunities. Watros will continue to report to Baker.
Richard Baker said, “The Board and I could not be more pleased to have Jerry, an accomplished executive with a proven track record of growing retailers through both digital and traditional channels, join us. We believe this change will enhance our growth strategy”. Baker went on to say, “I have had the opportunity to work closely with Jerry over the past year as he advised on the development of our OFF 5TH strategy. I was impressed with his strategic vision, leadership, collaborative approach and operational expertise, and look forward to working with him.”
Jerry Storch commented, “Im thrilled to join Hudson’s Bay Company and partner with Richard. The HBC team has built a very strong foundation and I am excited to help take the company to the next level. There are many exciting opportunities across these great retail franchises, including strengthening the connection between our store and digital businesses, expanding our Outlet channel and investing in our world class store base.”
About Gerald Storch
Gerald Storch has had a distinguished 30-year career in retail leadership and management consulting. As Chairman and CEO of Toys”R”Us, Mr. Storch led a resurgence of the business and grew the company into a $13 billion global retailer. He expanded the company’s ecommerce business to over $1 billion, drove growth in China and throughout the world and oversaw acquisitions including FAO Schwarz, eToys and KB Toys.
Prior to his tenure at Toys”R”Us, Mr. Storch was Vice Chairman of Target. Among his accomplishments there, he founded and grew Target.com, founded and ran Target’s grocery business and founded and oversaw the Target Financial Services credit card business. He also oversaw the Marshall Field’s Department Stores and led Target’s Corporate Strategy function for over a decade.
Prior to Target, Mr. Storch was a Principal at McKinsey & Company from 1982 to 1993. Mr. Storch advised Fortune 500 retail, consumer goods and financial services clients.
Mr. Storch received a MBA from Harvard Business School, a JD from Harvard Law School, and a BA from Harvard College. Mr. Storch is non-Executive Chairman of the Board of Supervalu and a Director of both Bristol Myers Squibb and Fanatics.
