Department store giant on hunt for a CFO

Hudson’s Bay Company is losing its finance head.



The retailer said that CFO Paul Beesley has made the decision to resign in order to return home to Canada to be closer to his family. Beesley will continue in his role over the next two months to ensure a smooth transition. His last day with HBC will be July 7. HBC has engaged an executive search firm to assist in recruiting a new CFO.



Beesley moved to New York to join HBC as CFO in May 2014. During his tenure, the company formed two real estate joint ventures with leading partners in the U.S. and Canada, expanded its revolving credit facilities to include operations across four countries, obtained a $1.25 billion 20-year fixed-rate mortgage on its Saks flagship property, and undertaken various other transactions to lower financing costs and reduce interest rate risk.



“Paul has made many contributions to HBC during his tenure, including significantly strengthening the Company’s capital structure,” said Jerry Storch, CEO of HBC. “In addition, he was instrumental in the implementation of the company’s growth and acquisition strategy.”



In North America, HBC's leading banners include Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks Off 5th along with Home Outfitters. In Europe, its banners include Galeria, Kaufhof, the largest department store group in Germany, Belgium's only department store group Galeria INNO, as well as Sportarena.