Paula Price, executive vice president and chief financial officer, has made the decision to leave the company as of May 31, 2020.
UH OH!!!
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She was Hal’s girl. She was horrible we need Karen Houget
Macy's should not get COVID-19 funds – non-essential retail is out of consideration.
It’s an inopportune time to lose your CFO,” said Lorraine Hutchinson, senior specialty retail and department store analyst at Bank of America Merrill Lynch. “Retailers have all of their stories closed and while e-commerce is still running, (Macy’s) has lost a substantial amount of sales.”
Hutchinson added that Macy’s is in danger of losing time and focus at a crucial period, as efforts to contain the COVID-19 pandemic upend global commerce. In the upcoming weeks, the retailer will need to make key decisions about liquidity, leverage and capital investments, she said.
“They have been struggling, 2019 was not a great year for Macy’s,” Hutchinson said. “In early February, they announced a plan called Polaris that was expected to stabilize and turnaround the business.” Price was a lead architect of the initiative that called for the closure of roughly 125 stores and a corporate reorganization that shed about 2,000 positions.
Whats's with all these emails of SEC filing for Paula and Felicia?
So Felicia is out now too?
You actually had faith in JG?! Let's remember this company was in deep doodoo before corona. It was going to be challenging but he is the one that is responsible for the complete devastation.
She was just cut from prior downsizing
I am losing faith on CEO JG – COO (HL) and CFO (PP) left. Next to leave will be CPO (JR). CTO (NK) will not leave with dignity – will be pushed out. Just watch ...
NEW YORK–(BUSINESS WIRE)– Macy’s, Inc. (NYSE: M) announced today that Paula Price, executive vice president and chief financial officer, has made the decision to leave the company as of May 31, 2020. She will continue in her current role until that date, and in order to support a well-ordered transition, Price will remain an advisor to the company through November 2020.
An external search is underway for Price’s replacement.
“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, Inc. “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.”
Price has served in her current role with Macy’s, Inc since July 2018.
Planned departure. Unfortunate timing though.
Macy's shares were last up more than 10% in premarket trading following the announcement. The stock has fallen more than 60% this year.
Macy's, which has a market cap of about $1.7 billion, was recently dropped from the S&P 500, and replaced by Carrier Global. It has been banished all the way down to the small-cap S&P 600, skipping the mid-cap S&P 400. Macy's had a market cap more than double what it is today, of roughly $6 billion, in mid-February.