Macy's (NYSE:M) Chief Financial Officer Paula Price has decided to leave the struggling retailer as of May 31. They company hasn't given a reason for the departure, nor has it named a replacement.
Price will continue to work as CFO through the end of May. She will remain as an advisor to the company through Nov. 2020 "in order to support a well-ordered transition," according to a press release.
A critical time for Macy's
The retail chain was struggling before the current pandemic. It had been in the midst of a turnaround plan that involves closing stores and investing in building out an omnichannel model.
The company plans to do an external search to find Price's replacement.
"We are fortunate to have a very deep bench to draw on to ensure a smooth transition," said CEO Jeff Gennette in a press release. "We will continue to take all necessary actions to ensure that Macy's, Inc. emerges from this pandemic on solid footing and ready to serve our customers."
Gennette's remarks, and the long goodbye, implies that Price chose to leave rather than her being pushed out.
"Paula remains a critical part of our plan, and while I respect her decision, I also appreciate the long runway she is giving us for this transition," the CEO added.
A tough break for Macy's
The coronavirus pandemic has made Macy's future unclear. The retailer does not know when demand will return or even when it will be able to reopen its stores. That's not to say the chain won't complete its turnaround, but any timetables or predictions are now very much in question.