HBC L.P., the parent company of Saks Fifth Avenue, has appointed Michael Culhane as chief financial officer of HBC. Culhane brings more than 30 years of finance and accounting experience primarily in the retail sector.
Most recently, Culhane served as chief financial officer at ULINE, Inc., a privately-held shipping and industrial supplies distributor, where he was responsible for overseeing the accounting, tax, financial planning and analysis, credit and collections, treasury, accounts payable and corporate legal functions. Previously, Culhane held the role of chief financial officer for The Bon-Ton Stores and Fareportal Inc., an online travel agency. He also served as chief financial officer for HBC and held senior finance roles with The May Department Stores Company.
In a statement, Richard Baker, HBC’s governor, executive chairman and CEO 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.”
In a statement on his appointment as the holding company’s CFO, Culhane said, “This is an exciting time to return to such an iconic company. I look forward to building upon the tremendous work the team has done to empower each of our operating companies as they capitalize on opportunities in their respective markets while driving growth.”
Culhane succeeds Ed Record who is stepping down from the company as planned. Record will remain with HBC for the time being to ensure a smooth transition as Culhane is onboarded.