Macy’s has announced that Paula A. Price will be appointed chief financial officer, effective July 9.
Price will be responsible for leading the company’s finance, accounting, investor relations and internal audit functions. She will report to Jeff Gennette, Macy’s, Inc. chairman and chief executive officer, and will be based in New York. Price will succeed Karen Hoguet who, as previously announced, plans to retire at the end of the 2018 fiscal year. Hoguet will remain with Macy’s, Inc. in an advisory role to support the company during a transition period until February 2, 2019.
Price joins Macy’s, Inc. with 30 years of finance experience primarily in retail and consumer-facing businesses. She is currently a full-time senior lecturer in the accounting and management unit at Harvard Business School, a role she has held since 2014.
In her most recent corporate role as executive vice president, chief financial officer of Ahold USA, Price led a team of over 1,000 across finance, accounting, strategy and planning, real estate and information technology. She was also responsible for the successful development and execution of a $1 billion program to fund Ahold USA’s strategic growth initiatives, which included sales efforts, customer loyalty and e-commerce initiatives. Prior to her role with Ahold USA, she served as senior vice president, controller and chief accounting officer of CVS Caremark Corporation, where she was a major contributor to the execution of the CVS/Caremark merger. Earlier in her career, Price held finance and strategy positions at a variety of retail, consumer products and financial services companies.
“I’m excited to have Paula join Macy’s, Inc. at such an important time for our business,” said Gennette. “She is an accomplished financial executive with an impressive breadth and depth of retail experience and will be a great addition to the team. Having led finance in a variety of complex and dynamic retail organizations, Paula’s insights and experience will serve Macy’s, Inc. well.”
“Karen Hoguet is truly one of the great leaders in retail,” added Gennette. “I want to again thank her for her outstanding contributions to the company over the past three decades, for her partnership with me over the past year, and for her support through this transition.”