Adrian Mitchell becomes the CFO of Macy’s at the start of November, hoping to help guide the retailer out of tough times.
Earlier this week Macy’s (M) appointed Adrian V. Mitchell to be the new CFO, effective November 2nd, 2020.
Mitchell will be the third to occupy the position the last 3 years. In July 2018, Macy’s hired Paula Price (D) to be CFO, but after two years and a -61% annualized TSR, Price stepped down this past May. Felicia Williams succeeded Price as interim CFO, a position she held for the last 5 months. Many were impressed with how Williams performed amidst the COVID-19 pandemic, with some calling for her to be hired on a permanent basis. However, Macy’s leadership ultimately decided to move in a different direction, hiring Mitchell as CFO and having Williams represent Macy’s at the CEO Action for Racial Equality.
Mitchell previously worked as a partner at the Boston Consulting Group, where he focused on consumer practices. Mitchell has deep retail experience having worked as an executive at Target, Arhaus, and Crate and Barrel. Mitchell started his career at McKinsey & Company, after receiving degrees from LSU and Harvard.
CEO Jeffrey Gennette (D) stated, “In a retail environment where change is accelerating beyond what we could have imagined a year ago, Adrian’s depth of financial and operational experience, coupled with his leadership in strategy, innovation, and transformation, will help us on our path to emerge a stronger company”.
Mitchell is African-American, just as Price and Williams were before him. Inclusivity appears to be a point of emphasis at Macy’s – their board sports higher gender parity than their peers at 42% female.
Recent years have been challenging for Macy’s, and questions regarding the retailers viability have only become more urgent as COVID slams revenues and share-prices. Those invested in Macy’s will be hoping the appointment of Mitchell can help them recuperate losses.
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