Macy’s Inc., in the middle of navigating a broad U.S. shutdown of nonessential businesses, said that chief financial officer Paula Price is leaving her role.
Price, who has been in the position for less than two years “has made the decision to leave the company as of May 31,” the department store operator said in a statement. She will remain an adviser through November, and the company is searching for her replacement.
Her departure comes amid a massive retail shutdown, part of unprecedented measures to halt the spread of the coronavirus. Macy’s has furloughed most of its workforce starting this month as the closure of all 775 of its physical stores has caused a sharp decline in revenue.
It’s another sign that the company’s turnaround plan, announced earlier this year, is on hold. The retailer recently said it’s drawing down its line of credit while deferring capital spending, extending payment terms and evaluating financing options. And CEO Jeff Gennette is forgoing a cash salary.
Macy’s is No. 5 in the 2019 Digital Commerce 360 Top 1000.
In other ecommerce personnel news:
- Grocery chain Albertsons Cos. (No. 204 in the Top 1000) promoted Evan Rainwater to executive vice president of supply chain and manufacturing. He will be responsible for the retailer’s global procurement, manufacturing and distribution groups. In his previous role for the last five years, he was senior vice president of manufacturing, in which he oversaw Albertsons’ food production plants. “His background in logistics and extensive experience with our manufacturing operations will be a key asset for our entire supply chain operation,” said president and CEO Vivek Sankaran in a press release announcing the appointment.
- Overstock.com Inc. (No. 47) appointed Adrianne Lee as its chief financial officer to oversee all financial aspects of the retailer, including financial planning and analysis, accounting and financial reporting, as well as managing tax, treasury, internal audit and investor relations. Prior to joining Overstock, Lee worked as senior vice president and chief financial officer of car rental company The Hertz Corporation for more than six years. She also worked in financial planning and analysis for Best Buy Co. Inc. (No. 13) for about three years.
Bloomberg contributed to this article.
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