Paul Beesley, the chief financial officer of the Hudson’s Bay Co., has decided to resign on July 7 to return home to Canada to be closer to his family, the company said Tuesday.
HBC said Beesley will continue in his role over the next two months to ensure a smooth transition and that it 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 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 the Saks Fifth Avenue flagship in Manhattan, and undertook various other transactions to lower financing costs and reduce interest-rate risk, the company said.
“Paul has made many contributions to Hudson’s Bay Co. during his tenure, including significantly strengthening the company’s capital structure,” said Jerry Storch, chief executive officer of HBC. “In addition, he was instrumental in the implementation of the company’s growth and acquisition strategy.”
Beesley commented: “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.”