5.5 C
New York
Sunday, February 5, 2023

Macy’s finance chief Paula Price to step down in May

Amid coronavirus store closures, Macy’s market cap has decreased so much it will be removed from the S&P 500. FOX Business’ Lauren Simonetti with more. Video

Department store chain operator Macy’s Inc said on Tuesday Chief Financial Officer Paula Price would step down from the role next month after nearly two years on the job.

The planned exit comes as Macy’s, like other U.S. companies, struggles with the fallout of the coronavirus pandemic that has forced it to furlough almost all of its 130,000 employees and tap its credit-line.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Price will continue to be a “critical” part of the plan to emerge out of the pandemic, Chief Executive Officer Jeff Gennette said in a statement on Tuesday.

Price will step down from her role as finance head on May 31, but will remain as an adviser through November, the company said, adding that an external search is underway for a replacement.

CLICK HERE TO READ MORE ON FOX BUSINESS

Shares of Macy’s, which have lost nearly two-thirds of their value this year, were up nearly 10% in premarket trading.

Related Articles

Latest Articles