Gerald Storch, who served for nearly three years as CEO of HBC, the owner of Saks Fifth Avenue and Lord & Taylor, has stepped down, the company confirmed.
He will be replaced on an interim basis by HBC executive chairman Richard Baker, who has held the CEO role in the past. The company has retained an executive search firm to look for a permanent replacement.
HBC also owns Hudson’s Bay and last year bought Gilt Groupe. The latter purchase led the company to take a $116 million write down.
Storch’s background includes stints as chairman and CEO of Toys R Us, as well as vice chairman of Target. He will return to his consulting firm, Storch Advisors.
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