Paula Price

Macy’s chief financial officer Paula Price will leave the company on May 30 after less than two years in the role.

Price will remain an advisor to Macy’s through November 2020. An external search for her replacement is underway, the company said.

“I want to thank Paula for her leadership and contribution to Macy’s. 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, chief executive officer, Macy’s.

Price joined Macy’s in July 2018, taking over from Karen Hoguet, who retired after 21 years as the retailer’s finance chief. Price worked mainly in the retail and consumer products industries for 30 years before becoming a full-time senior lecturer at Harvard Business School in 2014. In her most recent corporate role, she was chief financial officer of grocery company Ahold USA.

Last month, the retailer said COVID-19 was taking a heavy toll on its business. In response to the coronavirus outbreak, Macy’s was forced to close all of its stores, furlough around 130,000 employees, and temporarily cut pay for its top executives.

“We will continue to take all necessary actions to ensure that Macy’s emerges from this pandemic on solid footing and ready to serve our customers,” said Gennette. “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.”

Macy’s digital business remains open, but the retailer has lost a majority of its sales due to store closures.

“We’ve already taken measures to maintain financial flexibility, including suspending the dividend, drawing down our line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, canceling some orders and extending payment terms, and we are evaluating all other financing options,” the company said in a press release.

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