As Canadian retailer Hudson's Bay Company (HBC) announced that it has completed its privatization transaction, it was also revealed that CEO Helena Foulkes will be stepping down from her role, to be replaced by governor and executive chairman Richard Baker.

As he leads HBC in a new direction, the executive will be supported by the company's senior leadership team, which includes Hudson's Bay brand president Ian Nairn and Saks Off 5th president Paige Thomas, both of whom have been appointed to their positions in the space of the last two months.

With the completion of HBC's privatization transaction, Baker will now be looking to implement a number of new turnaround measures at the company without having to respond to shareholder pressure about growth and dividends.