UPDATE 1-Hudson's Bay names Ralph Lauren executive as CEO

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TORONTO, July 17 (Reuters) - Hudson's Bay Co named Jeffrey Sherman as its new chief executive on Thursday, a day after the iconic Canadian retailer was snapped up by a U.S.-based private equity firm.

Sherman will take over at HBC immediately and will be responsible for The Bay, Zellers, Home Outfitters and Fields banners.

He joins HBC from Polo Ralph Lauren Corp (RL.N), where he was president and chief operating officer of the Polo retail group.

Among his other retail experience, Sherman was the CEO of The Limited stores, a more than 360-store division of Limited Brands Inc (LTD.N), and was COO of Bloomingdales, Federated Department Stores.

Hudson's Bay Co, which was originally founded by fur traders in 1670, is North America's oldest continuously operating company.

The firm was bought by U.S.-based private equity group NRDC Equity Partners for an undisclosed amount on Wednesday.

HBC will be part of a holding company called Hudson's Bay Trading Co, which will also be made up of U.S. specialty retailers already owned by NRDC, including Lord & Taylor, one of the oldest names in American retailing. (Reporting by Leah Schnurr; editing by Rob Wilson)