Hudson's Bay Co's chief financial officer resigned on Friday, and the Canadian retailer said it had hired an executive search firm to find a replacement.

Michael Culhane went on personal leave on Jan. 22, and Chief Operating Officer Donald Watros was appointed acting CFO at that time. Watros will continue in that role until Hudson's Bay finds a replacement for Culhane, the company said on Monday.

"This is the ideal time for me to leave HBC as the company is well-positioned for the future," Culhane said in a statement.

Culhane became CFO of Hudson's Bay in 2009. He joined May Department Stores Co in 1997 and was promoted to CFO of its Lord & Taylor division in 2004. NRDC Equity Partners, led by Hudson's Bay Chief Executive Officer Richard Baker, bought Lord & Taylor in 2006.

Hudson's Bay also operates Saks Fifth Avenue in the United States and its namesake chain and Home Outfitters in Canada.

Earlier this month, COO Watros also stepped into the newly expanded role of Hudson's Bay president. As part of an organizational structure announced last fall, he and Baker oversee the company's retail division presidents and CFO.

Hudson's Bay is North America's oldest continually operated company. With roots in the fur trading business, it was at one point one of the world's largest landowners.

The retailer's shares were up 1.7 percent at C$16.03 in morning Toronto Stock Exchange trading.