Macy's (NYSE:M) has a new CFO. The company announced Wednesday that it has tapped Adrian Mitchell for the position, an appointment that will be effective Monday, Nov. 2.
Mitchell has long experience in the retail industry. Among other managerial positions, he served as CEO of home furnishings company Arhaus and was CFO at its peer Crate & Barrel. He also occupied several posts at Target (NYSE:TGT) from 2007 to 2010. Most recently, he was a managing director and partner in the digital and consumer practices units of Boston Consulting Group.
Macy's quoted its CEO Jeff Gennette as saying of its new hire:
In a retail environment where change is accelerating beyond what we could have imagined a year ago, Adrian's depth of financial and operational experience, coupled with his leadership in strategy, innovation, and transformation, will help us on our path to emerge a stronger company.
Mitchell will certainly face many daunting challenges for his new company, which was struggling even before the coronavirus pandemic. Macy's is frequently cited as a top victim of the retail apocalypse, as it still maintains a relatively big network of brick-and-mortar stores. It has not been as successful in online retail as more digital-focused companies like Amazon.com.
The deleterious economic effects of the outbreak aren't helping. In Macy's most recently reported quarter, it saw a 36% year-over-year decline in sales and landed well in the red on the bottom line.
But perhaps Mitchell will help push the company back on a growth path. Macy's shares fell by less than 0.2% on Wednesday against the steeper 0.7% drop of the S&P 500 index.