HBC names Michael Culhane as new chief financial officer
HBC, the owner of the Saks Fifth Avenue and Hudson’s Bay department stores, has appointed Michael Culhane as its chief financial officer.
With more than 30 years’ experience of finance and accounting, Culhane previously held the same position at ULINE, a privately-held shipping and industrial supplies distributor. Prior to that, he was chief financial officer at The Bon-Ton Stores and Fareportal, an online travel agency. He also served as chief financial officer for HBC from 2012 to 2014 and previously held senior finance roles with The May Department Stores Company.
Richard Baker, HBC’s governor, executive chairman and chief executive, said: “With Michael’s extensive professional background and industry expertise, he will be vital to ensuring we maintain our financial discipline as we make investments for the long term. I am pleased to welcome Michael back to HBC and am confident that he is the right leader to help drive performance as we work to evolve HBC and our operating companies for the future.”
Culhane succeeds Ed Record who is stepping down, but will remain with HBC for the time being to ensure a smooth handover.
Baker added: “We thank Ed for his strong leadership over the past three years, including helping to successfully complete HBC’s privatisation transaction and for effectively managing the company’s financial position throughout his tenure. We wish him the best in his future endeavours.”
