Macy’s chief money officer Paula Price tag will depart the organization on May well 30 just after a lot less than two years in the function.
Price tag will remain an advisor to Macy’s as a result of November 2020. An external search for her substitution is underway, the organization mentioned.
“I want to thank Paula for her management and contribution to Macy’s. She has constructed a solid finance management workforce, and we are fortunate to have a incredibly deep bench to attract on to ensure a easy changeover,” mentioned Jeff Gennette, chief executive officer, Macy’s.
Price tag joined Macy’s in July 2018, having over from Karen Hoguet, who retired just after 21 years as the retailer’s finance chief. Price tag worked mainly in the retail and customer products and solutions industries for 30 years in advance of turning into a whole-time senior lecturer at Harvard Business College in 2014. In her most latest corporate function, she was chief money officer of grocery organization Ahold United states of america.
Very last month, the retailer mentioned COVID-19 was having a hefty toll on its business. In reaction to the coronavirus outbreak, Macy’s was forced to close all of its merchants, furlough close to a hundred thirty,000 workforce, and temporarily slash pay back for its top rated executives.
“We will continue to consider all required actions to ensure that Macy’s emerges from this pandemic on solid footing and ready to provide our shoppers,” mentioned Gennette. “Paula continues to be a essential portion of our plan, and while I regard her choice, I also take pleasure in the extensive runway she is providing us for this changeover.”
Macy’s electronic business continues to be open up, but the retailer has lost a the vast majority of its product sales due to shop closures.
“We’ve by now taken steps to maintain money overall flexibility, which includes suspending the dividend, drawing down our line of credit history, freezing both equally employing and shelling out, stopping capital shell out, lessening receipts, canceling some orders and extending payment phrases, and we are analyzing all other funding alternatives,” the organization mentioned in a push launch.