Macy’s CFO Paula Price is Departing, as the Retail Giant Struggles
Macy’s has announced that its Chief Financial Officer, Paula Price, will be leaving the company on May 31. An external search for her replacement is underway.
Price has served as CFO since July 2018. Prior to that, she spent five years as a lecturer at Harvard University, and has held finance, accounting and board roles at Ahold Delhaize, CVS Health and Dollar General.
The transition comes at a difficult time for the struggling retailer. Macy’s announced last week that they would begin to furlough the majority of its employees as the department store chain deals with significant sales losses during the coronavirus shut down.
The company was facing challenges before the widespread outbreak of coronavirus, however. In February, the company announced a three year, $1.5 billion cost-cutting plan that included widespread store closures and layoffs.
Macy’s Inc, which owns Bloomingdales and Bluemercury, and has a market cap of about $1.7 billion, was dropped from the S&P 500 on Monday, following a decline in its market capitalization. It was replaced by Carrier Global.
Price leaves her post on May 31 but will remain with Macy’s in an advisory position through November, the company said in a statement.
“I want to thank Paula for her leadership and contribution to Macy’s, Inc. She has built a strong finance leadership team, and we are fortunate to have a very deep bench to draw on to ensure a smooth transition,” said Jeff Gennette, chairman and chief executive officer of Macy’s.
“We will continue to take all necessary actions to ensure that Macy’s, Inc. emerges from this pandemic on solid footing and ready to serve our customers. Paula remains a critical part of our plan, and while I respect her decision, I also appreciate the long runway she is giving us for this transition.”, he said.