41-Year Macy's Veteran Retires; New HR Exec Hired

On Monday after close of trading, Macy's (NYSE: M  ) announced that Chief Administrative Officer Thomas L. Cole, a 41-year veteran of the company and its predecessors, has retired from his post. He will, however, remain with Macy's through May "to affect a smooth transition to several other executives." To wit:

  • Macy's today hired former AP Moller-Maersk A/S Senior Vice President William S. Allen to serve as its chief human resources officer.
  • Chief Financial Officer Karen M. Hoguet is assuming additional responsibility for credit and customer services, real estate, non-merchandise purchasing, and sustainability. She will also have administrative responsibility for the internal audit function.
  • Chief Stores Officer Peter Sachse is assuming additional responsibility for store planning, design, and construction.
  • Finally, Executive Vice President for Omnichannel Strategy Robert B. Harrison is being promoted into "the newly created role of chief omnichannel officer." Says the company: "In addition to his existing role managing the development of strategies to closely integrate the company's stores [and] online and mobile activities, Harrison will assume responsibility for systems and technology, logistics, and related operating functions."

All four named executives will report directly to Macy's Chairman and CEO Terry Lundgren.

Macy's shares closed up 1.7% Monday at $39.39 ahead of these announcements.

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9/29/2016 4:01 PM
M $36.05 Down -0.05 -0.14%
Macy's CAPS Rating: **