Macy's CFO Paula Price

Paula Price, executive vice president and chief financial officer of Macy’s Inc., will leave the company on May 31.

Macy’s said Tuesday that it was Price’s decision to leave. After vacating the cfo role, she will serve as an adviser to Macy’s “to support a well-ordered transition,” the company said.

An external search is under way for Price’s successor.

Price’s departure comes four months after the exit of Hal Lawton, who served as president and left Macy’s to become ceo of Tractor Supply Co. A new president has not yet been named.

Price has served in her current role with Macy’s Inc. since July 2018. Macy’s stock earlier this month was dropped from the S&P 500.

“I want to thank Paula for her leadership and contribution to Macy’s Inc. She has built a strong finance leadership team, and we are fortunate to have a very deep bench to draw on to ensure a smooth transition,” said Jeff Gennette, chairman and chief executive officer of Macy’s Inc. “We will continue to take all necessary actions to ensure that Macy’s Inc. emerges from this pandemic on solid footing and ready to serve our customers. Paula remains a critical part of our plan, and while I respect her decision, I also appreciate the long runway she is giving us for this transition.”

Macy’s temporarily closed all of its stores on March 18 due to the pandemic.

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