April 7, 2020 / 11:25 AM / 2 months ago

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

FILE PHOTO: The Macy's logo is pictured on the side of a building in down town Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake

(Reuters) - Department store chain operator Macy’s Inc (M.N) 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.

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.

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

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila

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