New HBC CEO set to position troubled firm for future
TORONTO
Between placating activist investors and developing new ways to grow a veteran business in an increasingly unforgiving sector, new Hudson’s Bay Co. chief executive Helena Foulkes has her work cut out for her.
Foulkes, a former executive with U.S. drugstore giant CVS, will fill the void left at Torontobased HBC, the owner of Saks Fifth Avenue and Home Outfitters, after the abrupt departure last fall of veteran retail executive Jerry Storch, who made a return to his consulting firm after close to three years at the department store retailer’s helm. According to reports, Storch’s vision for the retailer clashed with that of governor and company chairman Richard Baker, who assumed the CEO role on an interim basis after the former CEO’s departure in November.
“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,” Foulkes said in a statement on Monday. “The future of retail will be defined by companies that think creatively about where the consumer and the world are headed.”
She was not available for further comment.
“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. “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.”
In her new role, Foulkes, 53, 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.
She was most recently executive vice-president of CVS Health and president of CVS Pharmacy, in charge of overall retail strategy and operations.