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Paul Beesley Joins Hudson’s Bay as Finance Chief

Succeeds Michael Culhane, who resigned as CFO in February.

Paul Beesley has been named chief financial officer of Hudson’s Bay Co., effective June 1. He succeeds Michael Culhane, who resigned the post in February.

Most recently, Beesley spent 14 years with Empire Co. Ltd., a Canadian firm with operations in retailing and related real estate. At Empire, his positions included chief corporate development officer of the Sobeys Inc. unit and executive vice president and cfo of Empire. His work at Empire included strategies that resulted in the acquisition of Canada Safeway and the creation of an Empire-related real estate investment trust.

Earlier in his career, Beesley, a certified public accountant, was vice president and cfo of The Globe and Mail Co.

At Hudson’s Bay, he will report to the office of the chairman, consisting of Richard Baker, governor and chief executive officer, and Donald Watros, president. Watros has served as interim cfo since Culhane departed earlier this year and will relinquish those responsibilities upon Beesley’s arrival.

Baker described the incoming cfo as “an accomplished professional who has contributed to the
financial, strategic and operational progress of several leading corporations. His broad range of capabilities includes expertise in finance, capital markets and REITs. We are pleased to have Paul join HBC to help provide world-class fiscal leadership as we continue our development as a premier North American fashion retailer.”

HBC’s operations include Hudson’s Bay, Saks Fifth Avenue, Lord & Taylor and Saks Off Fifth and related Web sites.