Rankin joins from the Co-operative Group where she was chief operating officer for the specialist retailing division, based in Manchester. Her appointment takes effect from July 18 and in her new role she will continue to grow the format in the UK, says the company.
Savers was acquired by Superdrug owner AS Watson in 2000 and has grown from 160 stores to more than 410 today.
Hong Kong-based AS Watson is part of conglomerate Hutchison Whampoa and has become the largest health and beauty retailer in the world through a series of high-profile acquisitions in Europe.
On July 13 it is expected to complete the acquisition of Perfume Shop owner Merchant Retail. On June 22 - the original deadline for purchase of shares - it owned nearly 75 per cent of the company's equity.