Hudson’s Bay Company names new CEO—and it’s not an apparel industry insider.
Hudson’s Bay, which operates its namesake stores in Canada as well as Saks Fifth Avenue and Lord and Taylor, today announced its board has appointed Helena Foulkes as its new chief executive officer. Foulkes, who will take on the role on Feb. 19, joins the retail group from CVS, where she was executive vice president of CVS Health and president of CVS Pharmacy.
Foulkes will assume responsibility for the company’s global strategy and operations. She will also be appointed to the board of directors. Interim CEO Richard Baker will continue as governor and executive chairman.
“Helena is a transformational leader who will invigorate the business with a new perspective as we position HBC for the future,” said Baker. “Throughout her 25 year tenure in retail, she has a proven track record of making bold, strategic choices that, at their core, put the customer first and have proven enormously impactful to business success. The Board and I are thrilled to have Helena take the helm and bring her invaluable experience to the company.”
Foulkes said, “HBC has an amazing portfolio of retail banners, valuable real estate and an innovative approach to M&A that give it the ability to win. The future of retail will be defined by companies that think creatively about where the consumer and the world are headed. I look forward to working with this great team and listening deeply to them and to our partners to build upon strategies that capitalize on HBC’s physical and digital assets and deepen our core operating effectiveness. I am honored to join this iconic company.”
Foulkes’ appointment comes after previous CEO Gerald Storch announced plans to leave the company as of Nov. 1. She will also be taking on a business in the midst of restructuring and entering an industry rife with challenges from low consumer footfall to the demands related to the rise of e-commerce.