Hudson’s Bay CEO Helena Foulkes out, chairman Richard Baker to take over

TORONTO – Hudson’s Bay Co. says its chief executive Helena Foulkes is departing the retailer two years after she was hired.

Foulkes will be replaced by executive chairman Richard Baker, who last month won shareholder and court approval to take the company private.

Baker, who lead a shareholder group that agreed to pay $11 a share for HBC, will continue to serve as HBC’s governor and chairman.

Foulkes joined HBC in February 2018 after spending 25 years at the CVS Health Corp. and time at Goldman Sachs & Co. and Tiffany & Co.

She was involved with the company’s deal to merge its German department stores with its biggest rival in the European market and its decision to close its Home Outfitters business and evaluate the profitability of its U.S. Saks Off Fifth locations.

This report by The Canadian Press was first published March 3, 2020.

Companies in this story: (TSX:HBC)