Karen Hoguet, Macy’s Inc.’s chief financial officer since 1997, has decided to retire in February 2019, at the end of the firm’s fiscal year.
Among the industry’s more respected financial executives, Hoguet was a close adviser to Macy’s chief executives during her tenure and instrumental in major strategic moves by the company. She was a key player in the merger of Federated into Macy’s in 1994, the merger of May Department Stores into Macy’s in 2005, and the sale of the retailer’s credit portfolio to Citibank in 2005.
“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 chairman and chief executive officer, on Wednesday.
Gennette characterized Hoguet, who is 61, as a “steady and strategic hand in the cfo’s seat who knew the company inside and out.” She was also particularly adept at fielding inquiries from the media, investors and Wall Street analysts and always maintained composure during sometimes challenging exchanges.
Macy’s will conduct an external search for Hoguet’s successor and when one is found, there will be a period of transition.
Hoguet left the Boston Consulting Group to join Federated in 1982 in marketing and long-range planning. She had several promotions and ultimately became a corporate vice president and senior vice president of planning in 1991. She became Macy’s cfo in 1997.
Over the past year, Macy’s has seen sweeping change in its senior executives, including Gennette, who became ceo in March 2017. In September, Hal Lawton was named president; John Harper became chief stores officer; Robert Harrison became chief operating officer, and Jeffrey Kantor became chief merchandising officer. Also, Cheryl Heinonen became executive vice president of communications in January 2017, among other senior-level changes.
Hoguet received total compensation in 2017 of $4.66 million, including $900,000 in salary, $1.86 million in stock, $566,000 in options and $952,100 in non-equity incentives. Gennette received just over $11 million in total compensation, including $1.2 million in salary, $3.9 million in stock, $2.6 million in options and almost $3 million in non-equity incentives. Lawton received total compensation of $18.3 million, including $397,727 in salary, a $5.5 million bonus, $6.3 million in stock, $3.99 million in options and $734,000 in non-equity incentives. Former ceo and chairman Terry J. Lundgren received $8.1 million in total compensation, including $1.1 million in salary, $2.87 million in stock, $1.89 million in options and $2.1 million in non-equity incentives.