Adrian Mitchell, a partner at Boston Consulting Group, will step in as CFO of Macy's on November 2, the company shared in a press release.
Prior to BCG, Mitchell was CEO of home furnishings retailer Arhaus from 2016 to 2017. Before that, he was CFO at Crate and Barrel, also taking on COO duties, and later also serving as interim CEO. Before joining Crate and Barrel in 2010, he held management positions at Target, and began his career at McKinsey & Company, where he co-founded the NA Lean Operations Retail Practice.
Felicia Williams, who has served as interim CFO since Paula Price's May departure, will join the organization CEO Action for Racial Equity as a Macy's, Inc. Fellow.
This CFO role at Macy's has been a revolving door since longtime CFO Karen Hoguet retired in 2019.
Price, who arrived from Harvard Business School, was one of the architects of the department store's Polaris turnaround strategy, a plan it was forced to ditch shortly after its February unveiling as the pandemic upended retail in the U.S.
In light of that, the retailer likely sees the need for a CFO well-equipped to manage what has become a financial nightmare for Macy's and its peers.
Earlier this year, along with other stores deemed nonessential, Macy's was forced to shutter all locations for nearly two months.
Questions about the adequacy of its liquidity to support it during the crisis arose almost immediately, and the company reportedly hired consultancy Lazard and law firm Kirkland & Ellis, restructuring experts that ring bankruptcy alarms for investors and suppliers. In the first quarter, Macy's racked up a staggering $4 billion operating loss.
In response, Macy's drew $1.5 billion from its credit facility, nixed its shareholder dividend, raised $1.3 billion through new bonds tied to some of its real estate assets and slashed its corporate workforce by nearly 4,000.
With stores shut, the company pivoted to offer curbside pickup. And as stores reopened, sales picked up more than executives had anticipated. Despite the pandemic, the department store found a way to hold its annual Thanksgiving Day parade, a major holiday marketing opportunity, if only through a more subdued, TV-only presentation.
Recently, the company invested in payments company Klarna, entering into a partnership allowing customers to pay for their purchases in four installments.
In announcing the option, Macy's Chief Digital Officer Matt Baer said it would provide customers with "financial control and convenience," something that could be crucial at a time of anxiety about the economy that, along with the ongoing pandemic, could put a damper on holiday sales.