Hudson's Bay Names CVS Health Veteran its New CEO
Hudson's Bay on Monday named veteran CVS Health executive Helena Foulkes as its chief executive officer, replacing Richard Baker, who has been heading the company on an interim basis. Foulkes, who has been with the pharmacy benefits manager for more than 25 years, was most recently executive vice president of CVS Health and president of CVS Pharmacy. She has been responsible for driving CVS Health's retail operations, including its nearly 9,700 retail stores, 20 distribution centers and e-commerce sites. In her new role, Foulkes will be leading Hudson Bay's global strategy and operations, overseeing more than 66,000 associates worldwide across more than 480 stores, related e-commerce platforms, supply chain, logistics and technology.
Total Retail's Take: Hudson's Bay is looking for some stability in its leadership, as the retail organization has been in search of a new chief executive since the departure of Gerald Storch last October. Foulkes will have plenty of big decisions to make as the leader of an organization that owns brands such as Hudson's Bay, Saks Fifth Avenue, Lord & Taylor, and others, including whether to take the business private. While Foulkes does have extensive experience in retail, this new position does put her into a new vertical: apparel. It will be interesting to see what plans she puts into place to help the struggling retailer turn things around in an ultracompetitive category.