Macy’s Inc. has appointed Naveen Chopra, executive vice president and chief financial officer of Paramount Global, to its board, effective April 1.
Chopra oversees Paramount Global’s financial operations and global corporate development and strategy. Previously he was CFO of Amazon’s Devices and Services Business, responsible for some of Amazon’s fastest-growing and most strategic consumer businesses including Alexa and Echo, FireTV, Ring, Kindle and the Amazon Appstore. Earlier in his career, Chopra held business development roles at large enterprises like Microsoft and Hewlett Packard and early-stage venture-backed companies including WebTV, Ofoto and Rearden Steel.
Macy’s also indicated that Chopra successfully executed corporate transformations as CFO of both Pandora Media and TiVo Corp.
“Naveen brings impressive experience at the intersection of digital innovation and financial growth to our board,” Jeff Gennette, chairman and chief executive officer of Macy’s Inc., said in a statement Thursday. “His career as a CFO spans consumer, technology and media companies, and we are confident his insights will be highly relevant to us as we build on our position as a digitally led, modern department store.”
“Macy’s Inc. has reimagined how consumers engage with its Macy’s, Bloomingdale’s and Bluemercury brands and I am energized to join the board at a time when the enterprise is poised for future growth,” Chopra said in a statement.
Macy’s also said that John Bryant and Leslie Hale, both on the board since 2015, will not stand for reelection at the company’s 2023 annual meeting in May. Both served as members of the audit and finance committees during their tenure.
Paul Varga, Macy’s lead independent director, cited Bryant’s and Hale’s “meaningful contributions to Macy’s success over the past eight years,” adding, “The composition and diversity of the board reflects Macy’s Inc.’s commitment to best-in-class corporate governance. We are confident that Naveen’s unique skill set will be a strong complement to our board.”
Following the 2023 annual meeting, the Macy’s board will be comprised of 13 members, 12 of whom are independent. Chopra will serve on the audit and finance committees.