Key Takeaways
- Macy’s announced that Thomas J. Edwards will be the company’s new chief operating officer and CFO starting in June.
- The department store chain also made several other changes to its executive team.
- The changes come as Macy’s hopes for growth following mixed results in the fiscal fourth quarter of 2024 due to poor store performance.
Macy’s (M) is working on its long-term growth, and that starts with some changes at the top.
The department store chain said Tuesday that Thomas J. Edwards will become CFO and chief operating officer, effective June 22. Edwards comes from serving as CFO and COO at global fashion luxury group Capri Holdings.
The change is the latest move in the company’s executive ranks; Macy’s also recently appointed a new chief stores officer, chief information officer, chief marketing officer, and a new CEO of Macy’s Bloomingdale’s unit, among others.
“With these changes, we complete a purposeful evolution of the Macy’s Inc. leadership team and I am confident that we have the right talent to support the return of Macy’s Inc. to enterprise growth,” CEO Tony Spring said.
Executive Changes Follow Sales Decline, Store Closures
Macy’s is looking to revitalize itself after it reported a roughly 4% year-over-year decline in net sales in the fiscal 2024 fourth quarter—which it warned about ahead of the results—due to poor store performance. The company announced in February 2024 that it will be shuttering 150 stores over three years, many of which have already closed.
For the time being, investors have been down on Macy’s shares, which are off more than 35% in the last year. The stock was recently up 2.2%.
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