February 5, 2018 / 6:09 PM / 8 months ago

UPDATE 1-Hudson's Bay names CVS Health veteran as new CEO

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Feb 5 (Reuters) - Saks Fifth Avenue-owner Hudson’s Bay Co on Monday named veteran CVS Health Corp 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.

Named one of Fortune’s Most Powerful Women in Business, Foulkes 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, she 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.

Foulkes, whose appointment is effective Feb. 19, will also be named to the board, Hudson’s Bay said in a statement.

Baker will continue as governor and executive chairman of the board after he steps down as interim chief.

Baker had taken over late last year when Gerald Storch abruptly stepped down from the post, amid the retailer’s strategic review and attempts to turn around sales.

Hudson’s Bay, which has failed to meet analysts’ estimates for at least eight straight quarters, is under pressure from activist investor Jonathan Litt’s Land & Buildings to go private.

Shares of the Brampton, Canada-based company were marginally down in afternoon trading. (Reporting by Taenaz Shakir in Bengaluru; Editing by Savio D’Souza)

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