Hudson’s Bay CEO Helena Foulkes to leave

The parent company of Saks Fifth Avenue is getting a new chief executive — but it didn’t have to look very far.

Hudson’s Bay Co. on Tuesday said that Helena Foulkes will step down as CEO, effective March 13. Executive chairman Richard Baker will assume the CEO role, in addition to his other responsibilities.

Last week, Hudson’s Bay shareholders approved the deal for an investor group led by Baker to take the company private. On Tuesday, Hudson’s Bay completed the deal, meaning that it is now a private company controlled by Baker and a group of other key continuing stakeholders. Hudson’s Bay expects that its common shares will be delisted from the Toronto Stock Exchange at the close of trading on Wednesday.

Foulkes was appointed CEO of Hudson’s Bay in February 2018. Prior to that, she was executive VP of CVS Health and president of CVS Pharmacy. Foulkes is credited with helping drive the downsizing of HBC, including selling is retail and real estate assets in Europe and the retail operations of Lord & Taylor. 

“The company and I are grateful for Helena’s leadership and significant accomplishments over the last two years,” said Baker. “Together, we have simplified our company, strengthened retail operations and reinvigorated our focus on the customer. Each of our businesses is well-positioned to take advantage of opportunities in their unique markets and we are optimistic about this exciting next chapter for our company. Furthermore, we are confident in our go-forward leadership team and our ability to drive HBC forward.”

Regarding the completion of the deal to go private, Baker said the following: 

“This is a great outcome for HBC and all of its stakeholders. The continuing shareholder group is resolved to doing what is right for our customers, associates, communities and partners. As current and future generations change the way they live, shop and work, we are committed to transforming HBC to capitalize on these shifts. It will take patient capital and a long-term view to fully unleash HBC’s potential at the intersection of real estate and retail.”