Paula Price, EVP and CFO at Macy’s, will be leaving her position on May 31, but she will remain as an advisor through November 2020 to assist with the transition. The retailer has begun an external search to find a replacement for Price, who joined Macy’s in July 2018.
Her departure follows the exit of Macy’s President Hal Lawton, who left to become CEO of Tractor Supply in January. Additionally, the husband-and-wife co-founders of the Macy’s-owned Bluemercury , Barry and Marla Beck, announced their departures in September 2019.
Like other brick-and-mortar retailers, Macy’s has been hit hard by the effects of COVID-19, but the department store had been facing numerous challenges even before the coronavirus pandemic. Macy’s suffered a 0.5% same-store sales decline during Q4 2019, a period that included the 2019 holiday season. In early February, the retailer announced plans to close 125 of its 680+ stores by 2023 and lay off 2,000 corporate employees.
Since then, the coronavirus has forced Macy’s to furlough the majority of its 130,000 employees after closing its stores. On April 1, Macy’s was dropped from the S&P 500, with the S&P and other ratings agencies downgrading its credit rating to junk level.