Ex-J.C. Penney executive tapped for CFO gig at Hudson's Bay Company

A man leaves the downtown Toronto flagship Hudson Bay Company store in Toronto, Jan. 27, 2014. (Nathan Denette / THE CANADIAN PRESS)

TORONTO -- Hudson's Bay Company has tapped the former chief financial officer of another struggling retailer, J.C. Penney, to fill its vacancy.

Edward Record will step into the executive role on Aug. 28, taking over the job from Paul Beesley, whose upcoming departure was announced in early July.

HBC (TSX:HBC) CEO Jerry Storch said in a statement that Record's "deep retail experience" will help the department store chain stay ahead of a rapidly changing retail environment.

Record spent more than three years at J.C. Penney and the American retailer announced his departure in July, saying he wished to pursue other interests.

HBC is among a number of department store chains struggling recently as mid-line retailers lose out to luxury stores and discount shops.

The chain is also facing heightened calls from a U.S. investor to sell off or otherwise unlock value from its real estate holdings. HBC has said it's committed to improving its retail operations and "creatively" unlocking the value of its real estate holdings.