Richard A. Baker (businessman)

Richard Alan Baker (born November 27, 1965)[1] is an American business executive. He is the governor, CEO and executive chairman of Hudson's Bay Company (HBC),[2] executive chairman of each of HBC's portfolio companies and the owner of National Realty and Development Corp. (NRDC), a US-based private real estate development company.[3]

Richard A. Baker
Born
Richard Alan Baker

(1965-11-27) November 27, 1965
CitizenshipUnited States
EducationCornell University (B.A.)
OccupationBusiness executive
Known forGovernor and Executive Chairman of Hudson's Bay Company
Spouse(s)Lisa Marie Burrell
Children3
Parent(s)Robert C. Baker
Betty Lou Grossman

Early life and education

Baker grew up in Greenwich, Connecticut, the son of Betty Lou (née Grossman)[4][5] and Robert C. Baker, the founder of NRDC.[6] He has one brother, Nelson, and two sisters, Lauren and Ashley.[7][8] He graduated from the Brunswick School and then received his undergraduate degree from Cornell University.[6]

Career

He began his career working for his father, a mall developer and principal of National Realty & Development Corp, after graduating from the Cornell University School of Hotel Administration.[6] In 2006, he purchased Lord & Taylor, America's longest continually operating luxury department store from Federated Department Stores, for $1.2 billion,[9] borrowing $1 billion to finance the deal.[10] He has served as Chairman of Lord & Taylor since 2006.

In 2008, he bought the Hudson's Bay Company, North America's oldest company (established by English royal charter in 1670), becoming its Governor (company chairman).[11] On November 1, 2017, he took over as interim CEO of the company when Jerry Storch's resignation became effective.[12] Hudson's Bay Company had gone public in November 2012 and was then listed on the Toronto Stock Exchange.[6] In March 2020, he led a group of shareholders to take the company private.[13] Baker also resumed the role of CEO when Helena Foulkes departed from the company.[14]

Baker is the non-executive chairman of the Retail Opportunity Investments Corporation, a real estate investment trust listed on the NASDAQ Stock Exchange that focuses on retail properties located on the west coast of the United States.[15]

He sits on the Advisory Board of the Cornell University School of Hotel Management.[16] He is the namesake benefactor and sits on the Advisory Board of the Baker Program in Real Estate - a two-year graduate program in real estate at Cornell University.[17]

Personal life

He is married to Lisa Marie Burrell.[18] They have three children.[16]

References
  1. Globe and Mail: "Richard Baker: A balancing act in choppy retail waters" by Marina Strauss March 9, 2012
  2. "Richard Baker to take over as Hudson's Bay CEO". Retail Dive. Retrieved 2021-10-24.
  3. Nolan, Cornell. "CREF Advisory Board | Richard Baker '88 | Cornell SHA". Cornell Nolan. Retrieved 2021-10-24.
  4. New York Times: "Loomis J. Grossman, Developer, Dies at 85", nytimes.com, March 8, 1989.
  5. New York Times: "Paid Notice: Deaths GORDON, BETTY LOU BAKER, nytimes.com, July 6, 1998.
  6. STEPHANIE CLIFFORD and PETER LATTMAN New York Times: "The Prince of Lord & Taylor", May 7, 2011.
  7. New York Times: "Lauren Stella Baker Weds Robert Richman, a Writer", nytimes.com, June 15, 1986
  8. Moin, David (24 November 2020). "Obituary: Robert Baker, Developer, Philanthropist".{{cite web}}: CS1 maint: url-status (link)
  9. Howland, Daphne. "Is it lights out for Lord & Taylor?". Retail Dive. Retrieved 10 April 2022.
  10. Clifford, Stephanie; Lattman, Peter. "The Prince of Lord & Taylor". The New York Times. Retrieved 10 April 2022.
  11. Shaw, Hollie. "How Richard Baker engineered Hudson's Bay Co.'s stunning turnaround with a 'leap of faith' in real estate". Financial Post. Retrieved 10 April 2022.
  12. Hirsch, Lauren (2017-11-01). "Saks Fifth Avenue owner continues to face pressure, amid a bid for its European department store". CNBC. Retrieved 2020-07-01.
  13. Shecter, Barbara (2020-02-27). "Baker's HBC privatization bid approved after plenty of 'noise and aggravation'". Financial Post.
  14. Thomas, Lauren (2020-03-03). "Hudson's Bay CEO Helena Foulkes on the way out as retailer prepares to go private". CNBC.{{cite web}}: CS1 maint: url-status (link)
  15. "ROIC Company Profile & Executives - Retail Opportunity Investment Corp. - Wall Street Journal".
  16. Cornell University School of Hotel Administration: "Richard A. Baker '88 - Governor & CEO Hudson's Bay Company; retrieved September 13, 2014
  17. "Cornell Baker Program in Real Estate".
  18. New York Times: "ENGAGEMENTS; Lisa M. Burrell, Richard A. Baker July 18, 1993
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