Troubled New York-based retailer Macy’s Inc. has fired its chief growth officer Peter R. Sachse, a 34-year employee. Sachse, who has held numerous leadership positions with the company, will be “involuntarily separating” from Macy’s effective January 30, the retailer said in a Security and Exchange Commission filing last Friday.
Sachse will receive a lump sum payment of $2.7 million and continued vesting of equity awards through March 31, 2019, and is subject to a three-year non-compete restriction.
Sachse had been considered a successor to Macy’s CEO Terry Lundgren until Jeff Gennette was named president in 2014. Gennette begins his tenure as CEO within the next few months.
The dismissal comes a little over a week after Macy’s and other department stores reported weak holiday sales and as the company announced store closures.