In a move that has shocked analysts and investors, Hudson’s Bay Company (“HBC”) president Bonnie Brooks has stepped down as president of HBC. She will be replaced by former executive vice-president Liz Robdell, and the transition is expected to be completed by January 2014.
Brook’s exit isn’t all bad – she will stay on as a vice-chairman and will act as an adviser to the company (including strategy at both Hudson’s Bay and American Lord & Taylor). She will continue to answer to chairman and CEO Richard Baker and HBC’s board of directors. This should come as a relief to shareholders as Brooks was the visionary for the company’s changes that have included dropping hundreds of unfashionable labels and introducing many new ones.