Saks Owner Hudson's Bay Appoints CVS Executive Helena Foulkes as CEO

Foulkes becomes first woman to head department-store company
HBC under pressure from activist investor to go private

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By Sandrine Rastello and Jonathan Roeder

February 5, 2018 at 5:43 PM UTC

Updated on

February 5, 2018 at 7:15 PM UTC

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Hudson’s Bay Co., the owner of Saks Fifth Avenue, named CVS Health Corp. executive Helena Foulkes its first female chief executive officer as the department-store operator struggles with declining traffic and a restless activist investor.

Foulkes -- ranked among the most influential women in business by Fortune magazine -- will take the helm on Feb. 19 after serving as executive vice president of CVS Health and president of its pharmacy unit. She’ll be tasked with improving both physical and online sales, Toronto-based Hudson’s Bay said Monday.