Corner Office Shifts: HBC splits leadership structure

Plus, Canada's longest-serving bank CEO retires and MAV Beauty names former Revlon CMO as top exec.
Corner Office

Hudson Bay creates dual leadership structure as it splits ecomm from its physical stores

Pursuing a new business strategy, Hudson’s Bay is separating its physical retail stores from its online business, and giving each its own distinct leadership.

Iain Nairn, president and CEO of Hudson’s Bay since early 2020, will now lead the department store’s standalone ecommerce business, which will be known simply as The Bay. Meanwhile, its network of 86 physical retail stores will continue to operate as Hudson’s Bay and be led by Wayne Drummond, most recently the chain’s chief merchant. Prior to their closure in 2019, Drummond led Hudson’s Bay stores in The Netherlands.

Under the new structure, The Bay will be responsible for brand direction, marketing, buying, planning and technology for both businesses.

In a release, HBC’s executive chairman and CEO described the move as “a pivotal next step in the future of Hudson’s Bay,” enabling the businesses to invest in their own priority areas. But retail analysts have suggested the split may be an attempt to increase their respective values. The same could be said of HBC’s decision to sell a minority stake in Saks Fifth Avenue’s e-commerce business and turn it into a separate company earlier this year.

The Bay online business is currently the sixth largest in the country. Since the department store introduced a marketplace in April, it has grown to include 1,5000 new or expanded brands and more than 25,000 new products.

National Bank names successor to retiring CEO Louis Vachon

National Bank has named Laurent Ferreira as the successor of CEO Louis Vachon, Canada’s longest-serving chief exec of a bank, who will retire in October after nearly 15 years in the role.

The appointment takes effect on Nov. 1 and follows the Montreal-based bank’s succession plan.

In January, Ferreira was promoted to chief operating officer, giving him oversight of National Bank’s three core business lines across personal and commercial banking, wealth management and financial markets businesses, as well as leadership of its operations and technology groups. The promotion made him a leading candidate for the role of CEO.

When Vachon took over in 2007, National Bank had a reputation for being Quebec-centric. But during his tenure, it has diversified its business and it now derives 54% of its revenue from the province, down from 62% when he was first named CEO, according to the Globe and Mail. 

MAV Beauty Brands names former Revlon CMO as top exec

Canadian personal care company MAV Beauty Brands Inc. has named Serge Jureidini as its next CEO. He replaces Tim Bunch, who has left the company, starting today.

The Greater Toronto Area-based company, whose portfolio includes the hair products brands Marc Anthony and The Mane Choice, plant-based Renpure and lifestyle brand Cake, has also named a new chief financial officer. Laurel MacKay-Lee takes over those duties on Aug 30.

The appointments come as MAV Beauty focuses on evolving its business “through both organic growth and accretive acquisitions, while benefiting from the operational scale of the platform,” according to a release.

Jureidini was most recently chief marketing officer at Revlon. He is a former president and CEO of Arcade Beauty and a former president of Lancôme USA and has held various roles within L’Oréal’s luxury division.

MacKay-Lee’s experience includes most recently serving as chief operating officer at Stream Commerce, a full-service ecommerce agency, as well as a VP at Rogers’ The Shopping Channel.