Hudson’s Bay Co. (HBC.TO) has named CVS Health executive Helena Foulkes as its chief executive officer, the Canadian department store chain announced in a press release Monday.

Foulkes will take the helm on Feb. 19, while interim CEO Richard Baker will continue overseeing the company as governor and executive chairman.

Since January 2014, Foulkes has been executive vice president of U.S. retail pharmacy chain CVS Health and president of its pharmacy unit. She has previously held positions at Goldman Sachs and Tiffany & Co. Foulkes has been named one of the most powerful women in business by Fortune magazine on several occasions.

“Helena is a transformational leader who will invigorate the business with a new perspective as we position HBC for the future,” Baker said in a statement.

“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.”

HBC has been searching for a new chief executive after announcing in October that Jerry Storch was leaving the company to return to his own consulting firm. 

At the department store chain, Foulkes will be responsible for HBC's global strategy and operations for all of its banners. She will also 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 added 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 grappling 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 effort to save the company $350 million annually by the end of fiscal 2018. The company has also expanded its online offerings and is looking at ways to unlock more value from its vast real estate holdings.

With files from The Canadian Press