Sometimes it pays to think outside the (fashion) box.
Hudson’s Bay has reached outside the industry and tapped CVS executive Helena Foulkes as its new CEO. The Harvard Business School-educated executive was named one of Fortune’s Most Powerful Women in Business, and drove CVS Health’s retail operations, including its nearly 9,700 retail stores, 20 distribution centers and e-commerce sites.
Effective February 19, she will lead 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 will also be named to the board.
Foulkes replaces Richard Baker, who has been heading the company on an interim basis after log-time CEO Gerald Storch stepped down amid retailer turmoil and turnaround attempts. Hudson’s Bay has fallen short of analysts’ estimates for at least eight straight quarters, and is under pressure from activist investor Jonathan Litt’s Land & Buildings to go private, according to reports.