Macy's long-time CFO Karen Hoguet to retire next year

Department store operator Macy’s Inc said on Wednesday Chief Financial Officer Karen Hoguet will retire in February next year.

Hoguet, who has been CFO since 1997, will step down before February if a successor is appointed and then carry on as an adviser until her retirement, the company said. Macy’s said that an external search for a new chief financial officer was underway.

“Karen Hoguet is one of retail’s most respected executives and is an outstanding Chief Financial Officer. For the past three decades, Karen has had a voice in almost every major decision at Macy’s and its predecessor Federated Department Stores," said Jeff Gennette, Macy’s, Inc. chairman and chief executive officer.

"She knows our business inside and out and, through good times and bad, Karen has been a steady and strategic hand in the CFO’s seat. The company is grateful to Karen for her service. I am deeply appreciative of her partnership over the past year as we have worked together to return Macy’s to growth, and I thank her in advance for leading what I know will be a smooth transition.” 

Hoguet’s departure comes at a tough time for the retailer, that has been struggling in the face of competition from Amazon.com Inc.

The company has closed more than 100 stores since 2015 and slashed thousands of jobs as mall traffic plummeted and customers defected to off-price and fast-fashion sellers.

There are signs of progress, however. The company said last month that sales at established stores could mark their first annual gain in four years, helped by its new loyalty program, higher sales of off-price products and private-label brands.

Macy’s shares were down nearly a percent in after-market trading on Wednesday. The stock is down 11 percent since Hoguet took over as CFO in late October 1997.