Hudson’s Bay CFO to exit company
Following the departure of its CEO and the privatization of the company in March, Canadian retailer Hudson’s Bay Company (HBC) is set to watch its chief financial officer, Ed Record, leave the business.
“Ed Record made the decision to step down from his role as HBC’s CFO. We will be hiring a new CFO for HBC, and Ed will remain in place until that individual is onboarded to ensure a smooth transition,” HBC said in a statement.
Record returned to the company as chief financial officer in December, after exiting the company on medical leave last June. At that time, Becky Roof, a managing director with AlixPartners LLC, had stepped in as interim CFO.
Record first joined HBC as chief financial officer in August 2017. Prior to joining HBC, Record served as the chief financial officer and executive vice president of J.C. Penney from March 2014 to July 2017. Before joining J.C. Penney, he held executive leadership roles at Stage Stores, Kohl’s, and Belk.
Richard Baker, an executive chairman who led the group of shareholders that have now taken HBC private, has since stepped in as CEO.
By taking HBC private, the company’s new owners plan to implement the turnaround strategies that the retailer so desperately needs, as it has struggled to adapt to a rapidly evolving retail landscape in recent years.
The Covid-19 pandemic has since increased the pressure on retailers such as HBC. After temporary store closures, Hudson’s Bay locations across most of Canada reopened on May 19, though it did equally announce that it will permanently close its Edmonton City Centre location in the fall.
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