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Hudson's Bay appoints new CEO

Hudson's Bay Co. said Feb. 5 that it appointed Helena Foulkes its CEO, effective Feb. 19.

Prior to this appointment, Foulkes served CVS Health Corp. as executive vice president of CVS Health and president of CVS Pharmacy.

Foulkes will oversee the Canadian department store operator's global strategy and portfolio of more than 480 stores as well as e-commerce platforms, the company's supply chain, logistics and technology. The company's banners include Hudson's Bay, Lord & Taylor and Saks Fifth Avenue. She will also be appointed to the company's board.

Hudson's Bay said interim CEO Richard Baker will continue as governor and executive chairman of the company.

In her statement, Foulkes highlighted Hudson Bay's "valuable real estate" and its "innovative approach to M&A." She said she plans to listen to the retailer's team and partners to develop strategies "that capitalize on HBC's physical and digital assets."

Activist investor Land & Buildings Investment Management LLC has been urging the retailer to monetize its real estate and seek new strategies to improve shareholder value for several months. On Dec. 12, 2017, the investor sent a letter to Hudson's Bay shareholders, noting that the per-share value of the department store operator's real estate assets was "substantially" higher than its share price at that time.