Macy’s has named Paula Price CFO, effective July 9, 2018. She will be responsible for leading the retailer’s finance, accounting, investor relations and internal audit functions, reporting to Chairman and CEO Jeff Gennette.
Price has 30 years of financial experience, most recently as EVP, CFO at Ahold USA where she was responsible for the development and execution of a $1 billion program to fund the grocery retailer’s sales efforts, customer loyalty and e-Commerce initiatives. Prior to her time with Ahold, Price was SVP, Controller and Chief Accounting Officer at CVS Caremark.
Price will succeed Karen Hoguet, who plans to retire at the end of fiscal 2018. Hoguet will remain with Macy’s in an advisory role through February 2, 2019.
Macy’s outperformed expectations in its latest quarter, with revenue up 3.6% to $5.54 billion vs. $5.43 billion expected, and same-store sales up 4.2% vs. 1.4% expected. Prior to the 2017 holiday season, Macy’s had seen 12 straight quarters of declines.