HBC Names New CEO

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Pharmaceutical Exec Takes the Reins

Pharmaceutical Exec Takes the Reins

Helena Foulkes, a former pharmaceutical executive, will begin the role at Canada’s oldest department store on Feb. 19. Foulkes was previously at CVS Health Corp., a health-care company with about 9,600 pharmacies, where she served as the company’s executive vice-president and president of subsidiary CVS Pharmacy.

“Helena is a transformational leader who will invigorate the business with a new perspective as we position HBC for the future,” said Richard Baker, who has been acting as interim CEO of HBC and will continue as governor and executive chairman.

“Throughout her 25-year tenure in retail, she has a proven track record of making bold, strategic choices that, at their core, put the customer first and have proven enormously impactful to business success.”

Foulkes will be responsible for HBC’s global strategy and operations for all of its banners, and will be appointed to HBC’s board of directors.

“The future of retail will be defined by companies that think creatively about where the consumer and the world are headed,” Foulkes said in a statement.

Foulkes stated that one of her priorities will be to “build upon strategies that capitalize HBC’s physical and digital assets and deepen our core operating effectiveness.”

The department store is struggling with persistent losses in an increasingly tough retail environment by implementing a transformation plan. It included cutting 2,000 jobs across North America in an attempt to save the company $350 million annually by the end of fiscal 2018.