New CEO at the Bay

Photo: The Canadian Press

A former executive with the CVS pharmacy chain will be the new CEO for Hudson's Bay Co., Canada's oldest company and owner of Saks Fifth Avenue and other retail operations.

Helena Foulkes will start in the role on Feb. 19, the Toronto-based company said Monday in a statement.

Richard Baker has been acting as HBC's interim CEO since the departure of Jerry Storch last fall. 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," Baker said in a statement.

Foulkes comes to HBC after 25 years at CVS Health Corp., a health-care company with about 9,700 pharmacies. Since January 2014, Foulkes was the company's executive vice-president and president of subsidiary CVS Pharmacy.

At the department store chain, Foulkes will be responsible for HBC's global strategy and operations for all of its banners. She will also be appointed to HBC's board of directors.

"The future of retail will be defined by companies that think creatively about where the consumer and the world are headed," Foulkes said in a statement.

Foulkes added that one of her priorities will be to "build upon strategies that capitalize HBC's physical and digital assets and deepen our core operating effectiveness."

The department store is grappling with persistent losses in an increasingly tough retail environment by implementing a transformation plan.

It included cutting 2,000 jobs across North America in an effort to save the company $350 million annually by the end of fiscal 2018. The company has also expanded its online offerings and is looking at ways to unlock more value from its vast real estate holdings.