Costco taps former CVS, Hudson’s Bay exec Helena Foulkes for board

Former CVS Pharmacy president and Hudson’s Bay Co. CEO Helena Foulkes has joined Costco Wholesale’s board of directors.

In announcing her election to the board late Thursday, Issaquah, Washington-based Costco noted her high-level executive credentials and years of retail leadership experience.

Most recently, Foulkes served as CEO of Canadian retailer Hudson’s Bay Co. from February 2018 to March 2020. On her website, she said she led a transformation of the business that paved the way for the company’s privatization, including by streamlining the operating structure, building the leadership team, overseeing strategic transactions, and revamping the retailer’s operating focus.

New Costco board member Helena Foulkes. / Photo courtesy of helenafoulkes.com

Foulkes came to Hudson’s Bay after 25 years at CVS Health, with her latest role as corporate executive vice president and president of the CVS Pharmacy drug store chain from January 2014 to January 2018. In that post, she oversaw the strategy and operations for CVS’ retail business and said she served as the principal architect of the company’s move to become a health care leader.

During her CVS tenure—including roles as chief strategy officer, executive VP of product development and senior VP of marketing—Foulkes led teams on the development of CVS’ loyalty program, its efforts to drive digital innovation and the elimination of tobacco products from stores.

“We are very pleased to welcome Helena as a member of our board,” Costco Chairman Hamilton (Tony) James said in a statement. “She is widely recognized as a leading retail executive and advocate for education. She also brings substantial experience in healthcare and as a board member of prominent companies. We look forward to her contributions.”

In addition, Foulkes serves on the boards of Follett Higher Education, PM Pediatrics, Harry’s Inc. and Skillsoft, and she recently completed a term as president of Harvard University’s Board of Overseers. Her professional honors include being named to Fortune’s “Most Powerful Women in Business” and Fast Company’s “Most Creative People in Business” lists. She also ran for governor of Rhode Island in 2022.

Costco currently operates 858 warehouses, including 590 in the United States and Puerto Rico.