HUDSON’S BAY CFO TO EXIT COMPANY

Canada-based retailer Hudson’s Bay Company has announced that its chief financial officer Paul Beesley, has made the decision to resign in early July 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 will be July 7.

Beesley moved to New York to join HBC as CFO in May 2014. During his tenure, the company has 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 US $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. We thank Paul for his contributions and wish him much happiness and success in his next endeavor.”

“I’ve had a very rewarding experience at HBC, and am proud of the work we have undertaken to position the company for the future,” added Bessley. “HBC is a best-in-class retailer, and I will continue to follow the company closely after my departure. I am looking forward to returning to Canada this summer to be with my family.”