With a transition on its management team underway, Macy’s announced that Executive Vice President and Chief Financial Officer Paula Price will be departing the company as of May 31. The department store retailer said in announcement that Price will remain in her current position up to that time and will stay on as an adviser until November of this year.
Price has been in her current role as CFO with the company as of July of 2018. The company noted that an external search is occurring for her replacement.
Macy’s Chairman and Chief Executive Officer Jeff Gennette said in the announcement, “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.”
Gennette continued, “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.”
In separate news, Macy’s is being forced to furlough most of its workers as the COVID-19 pandemic continues to shutter hundreds of U.S. stores per a report in late March. The company informed its approximately 130,000 department store workers on March 30 that it would keep paying health benefits through May at a minimum.
Some staffers will remain to keep working in call centers, eCommerce and distribution divisions, as the retailer keeps selling through eCommerce. All of the retailer’s stores have been shuttered as of March 18.
In February, the retailer managed to surprise the markets with an unexpected earnings beat. Gennette noted in a statement at the time, “Taken as a whole, 2019 did not play out as we intended for Macy’s, Inc. However, we executed well during the holiday 2019 season.”