The Canadian Press - ONLINE EDITION

Hudson's Bay chief financial officer formally resigns following leave of absence

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TORONTO - Hudson's Bay Co. (TSX:HBC) says chief financial officer Michael Culhane, who has been on a personal leave of absence, has resigned and his duties have been assigned to two other HBC senior executives.

Culhane had held a similar role at HBC's Lord & Taylor division since 2004 and joined Lord & Taylor's former owner, May Department Stores, in 1997. He has been Hudson Bay Co.'s CFO since 2009.

The company had announced last month that HBC president Donald Watros would be acting chief financial officer with assistance from Douglas Scovanner, a former CFO at Target Corp.

Scovanner, who has worked with HBC for several months in an advisory capacity, will be responsible for day-to-day financial planning, asset protection, and accounting functions on an interim basis.

Culhane said in a brief statement released by the company that it was "the ideal time for me to leave HBC as the company is well positioned for the future."

RBC Dominion Securities analyst Irene Nattel said in a brief note that "we do not believe Mr. Culhaine's departure signals anything untoward with regard to HBC's financials."

She also said that the addition of Saks Fifth Avenue has deepened HBC management's bench strength.

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