HBC announces new CEO

TORONTO – Hudson’s Bay Co. will focus on international expansion with a new management team, according to Report on Business. The historic retailer announced that it has named president Donald Watros to head up its newly organized international division. Meanwhile, former Toys ‘R’ Us CEO Gerald Storch will take over as CEO on January 6 from Richard Baker, who stays on as governor and executive chairman.

Baker said the company has “lots of opportunities under multiple banners” for expansion abroad. Baker has previously signalled interest in expanding Saks – which currently has five stores in the Mexico, Kazakhstan, and the Middle East – in Europe and Asia, but now believes “the opportunity is bigger” than any one brand.