Former corporate executive Helena Foulkes has been elected governor of Rhode Island after defeating incumbent Dan McKee in the 2026 US midterm elections, marking a major milestone in her transition from business leadership to politics.
Foulkes, who spent 25 years working at pharmaceutical and healthcare company CVS before becoming chief executive of Canadian retailer Hudson’s Bay Company, secured the governorship in her first successful bid for elected office.
Her victory follows a previous unsuccessful attempt to become governor in 2022, when she challenged McKee in the Democratic primary but lost by approximately 4,000 votes.
Four years later, she returned to contest the same position, defeating McKee by more than 40,000 votes in the primary before winning the general election by a margin exceeding 100,000 votes.
The result represents a significant turnaround in her political career, which has been shaped by professional setbacks, career changes and a willingness to pursue opportunities despite uncertainty.
Foulkes Credits Professional Setbacks With Developing Her Leadership Skills
Speaking on a Harvard Business School podcast in 2024, Foulkes discussed how unsuccessful experiences had influenced her approach to leadership and decision-making.
She explained that not every opportunity produces the expected outcome, but that unexpected benefits can emerge from experiences initially considered failures.
“You can go for something and it doesn’t work, and yet other gifts come,” she said.
Foulkes also encouraged people to reconsider how they approach risks, suggesting that individuals should consider the possibilities of success rather than concentrating exclusively on what might go wrong.
Her advice to young professionals navigating their careers has been straightforward: “Do not hold yourself back. Go for it.”
From Harvard Graduate to Senior Executive at CVS
Born and raised in Providence, Rhode Island, Foulkes grew up as the eldest of five children.
Her father worked in business, while her mother stayed home to raise their family.
She entered Harvard University in 1982 as an undergraduate, although she later admitted that she had little idea about the career she wanted to pursue.
After studying economics, she spent two years working at Goldman Sachs before accepting a finance position at Tiffany & Co., which she subsequently described as relatively boring.
She later returned to Harvard Business School, where she completed her MBA before joining CVS.
Foulkes spent the next 25 years at the company, steadily advancing through its management structure until she became president of its pharmacy division.
During her time there, she contributed to the introduction of the company’s customer loyalty programme and played an important role in its decision to stop selling tobacco products.
Her corporate achievements also earned her repeated recognition on Fortune’s Most Powerful Women list. She reached 12th position in both 2015 and 2016.
However, her leadership at CVS also attracted scrutiny over the company’s involvement in the opioid crisis, an issue that resurfaced during her 2026 gubernatorial campaign following an opioid-related lawsuit settlement.
Former CVS Executive Says Difficult Bosses Made Her a Better Leader
Reflecting on her early professional experiences, Foulkes acknowledged that career progression does not always involve favourable working conditions or supportive managers.
She compared professional development to running a marathon, explaining that difficult periods can provide valuable lessons that contribute to long-term growth.
“Sometimes you’re going through some really hard things, and you’ve got a bad boss, and you’re in a crummy situation,” she said.
She added that she learned more during those challenging experiences than during easier periods of her career, crediting them with helping her become a better leader.
Foulkes also highlighted the importance of delivering results rather than spending excessive time trying to achieve perfection.
She explained that her approach involved producing something tangible early, improving it and gradually expanding its scope.
According to her, delaying projects in pursuit of perfection can result in losing the attention, energy and enthusiasm of senior management.
Foulkes Leaves CVS After 25 Years to Lead Hudson’s Bay Company
Despite her success at CVS, Foulkes eventually decided to pursue opportunities beyond the company, having developed ambitions to become its chief executive.
However, she felt that the opportunity to reach the top position was taking too long, prompting her to consider a different direction.
In 2018, she left CVS after 25 years to become chief executive of Hudson’s Bay Company, a struggling Canadian retail operator that owned Saks Fifth Avenue at the time.
Explaining her decision to leave the healthcare business, she told Fortune that she wanted to move outside her comfort zone and experience something different.
“I felt like I needed to get out of my comfort zone a little bit and do something different,” she said.
“I was liberated in many ways.”
Her tenure as chief executive lasted approximately two years, but the move represented another major career transition for the former CVS executive.
Foulkes subsequently described knowing when to leave an established position and pursue unfamiliar opportunities as an important part of professional development.
New Governor Prepares to Address Rhode Island’s Challenges
Foulkes’ election victory brings her corporate career and political ambitions together as she prepares to take charge of Rhode Island, the smallest US state by geographical area.
Her incoming administration will face issues including affordability and proposals for data centre development.
Reflecting on the decisions that have shaped her professional journey, Foulkes said identifying personal strengths and finding opportunities that generate enthusiasm had remained consistent throughout her career.
“I’m always trying to think about tapping into what makes you spark and what your special strengths are,” she said.
She acknowledged that she had not always succeeded in identifying those strengths but described the approach as a recurring theme throughout her professional life.
