Saks owner Hudson's Bay hires CVS Health executive as CEO

New York

HUDSON'S Bay, the owner of Saks Fifth Avenue and Lord & Taylor, has hired a top executive from CVS Health in an effort to transform its struggling department store business.

Helena Foulkes, president of CVS' pharmacy division, was named chief executive of Hudson's Bay on Monday.

Her appointment came as Hudson's Bay, which is based in Toronto, also seeks ways to improve its digital strategy, as customers shift away from brick and mortar stores and shop more online.

"We have a great opportunity to run our businesses more profitably and Helena is the perfect person to help us accomplish that," Richard Baker, the executive chairman of Hudson's …