Macy’s Appoints Retail Veteran Adrian Mitchell As CFO

Macy’s on Wednesday announced the appointment of Adrian Mitchell as CFO, effective November 2. He succeeds Felicia Williams, who has served as finance chief on an interim basis since former CFO Paula Price stepped down in May after nearly two years in the role.

Mitchell is currently a managing director and partner at Boston Consulting Group, where he works in Digital BCG and consumer practices. Since joining in 2017, he has worked with some of America’s biggest businesses in the auto, retail and restaurant sectors, among others. Before that, he served as board director of the audit and finance committee at Recreational Equipment, CEO of home furnishings retailer Arhaus and CFO, COO and interim CEO of Crate and Barrel.

In his new role, Mitchell will be responsible for leading all finance functions, including accounting, treasury, investor relations, internal audit, financial/capital planning and analysis, as well as procurement. He will report to Macy’s chairman and CEO Jeff Gennette.

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“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,” said Gennette in a statement.

Mitchell’s hire comes ahead of the holiday shopping season, which, due to the coronavirus pandemic, will see more consumers opting to shop online than ever before. When Covid-19 started to spread across the country in March, Macy’s, like many retailers, was forced to shutter its stores, furloughing the majority of its U.S. workforce. Since then, the retail chain has sought to revive its brick-and-mortar presence, offering curbside pickup in April before reopening 68 stores the first week of May.

While Macy’s has seen a boost in its e-commerce business, with digital sales growing 53% year-over-year in the second quarter, net sales totaled $3.6 million in the second quarter, compared to $5.5 million during the same period last year.

“We are encouraged by our second-quarter performance; however, we continue to approach the back half of the year conservatively. Our immediate priority is successfully executing Holiday 2020,” Gennette said in a statement about the company’s second-quarter results. “We are also focused on laying the groundwork for 2021 and beyond. We plan to invest in fashion, digital and omnichannel, work with agility, and galvanize the resources of the company to serve our customers and move the Macy’s, Inc. business forward.”

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