Hudson’s Bay names former Toys ‘R’ Us chief to CEO role

December 17, 2014, 2:17 PM UTC
A woman holds a Hudson's Bay shopping bag in front of the Hudson's Bay Company (HBC) flagship department store in Toronto
A woman holds a Hudson's Bay shopping bag in front of the Hudson's Bay Company (HBC) flagship department store in Toronto January 27, 2014. Hudson's Bay Co said on Monday that it would sell its flagship downtown Toronto store and neighboring executive offices for C$650 million ($587.09 million) to Cadillac Fairview Corp and open a full-line Saks store in the leased-back space. The Canadian retailer, which completed its $2.4 billion purchase of U.S. luxury chain Saks Inc late last year, said it expects to open an approximately 150,000 square-foot, multi-level Saks in the fall of 2015, co-located with the current Hudson's Bay store. REUTERS/Mark Blinch (CANADA - Tags: BUSINESS) - RTX17XAP
Photograph by Mark Blinch — Reuters

Hudson’s Bay, the owner of the Lord & Taylor and Saks Fifth Avenue department stores, has named Jerry Storch, the former top executive at Toys ‘R’ Us, to serve as its new chief executive.

The department-store operator said Storch will take the reins beginning Jan. 6, succeeding Richard Baker, who will stay on as executive chairman.

Activision Reveals Innovative Skylanders SWAP Force At Toy Fair Event Former Chairman and CEO of Toys “R” Us, Inc Jerry Storch attends Activision Reveals Innovative Skylanders SWAP Force at Toy Fair Event on February 5, 2013 in New York City.Photograph by Michael Loccisano — Getty Images

Storch has 30 years of experience as a retail executive and in management consulting. Most notably, he served as CEO of Toys ‘R’ Us from 2006, following the toy retailer’s acquisition by an investment group that included Bain Capital, through 2013. Storch helped the company expand its e-commerce business, grow in markets abroad and oversaw a few key acquisitions, though Toys ‘R’ Us also faced steep challenges from competitors like Amazon.com (AMZN) and failed to successfully return to the public market. The toy retailer pulled its initial public offering plans roughly a month after Storch announced he would step down.

Prior to his time at Toys ‘R’ Us, Storch was vice chairman at Target (TGT) and also worked at consulting firm McKinsey & Co. He also spent the past year advising Hudson’s Bay on the development of its Saks OFF 5th strategy.