Macy’s said Tuesday that Paula Price, the department store company’s finance chief for less than 2 years, will step down at the end of May
Price assumed Macy’s CFO position in July 2018, arriving from Harvard Business School where she was a senior lecturer. Before joining Harvard, Price served as CFO for the U.S. branch of Dutch grocery operator Ahold Delhaize. Prior to joining Ahold in 2009, Price was chief accounting officer at prescription benefit management subsidiary CVS Caremark.
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. “The performance of Macy’s has been relatively weak compared to the rest of retail,” Hutchinson said. In 2019, Macy’s same-store sales – a closely tracked metric in retail that measures revenue at store locations open at least 12 months – slipped 0.8% compared to 2018, according to company filings. Executives at Macy’s had expected same-store sales to slip even further in the 2020 fiscal year – falling between 1.5% and 2% — before COVID-19 seized up the economy.
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