Macy’s Names a New CFO and Makes Other Leadership Shifts During Turnaround Efforts

Key Takeaways

• Macy's announced that Thomas J. Edwards will be the company's new chief operating officer and CFO starting in June.
• The department store chain has also made other changes to its executive staff.
• The changes come as Macy's hopes for growth following mixed results in the fiscal fourth quarter of 2024 due to poor store performance.

Macy’s M is working to achieve long-term growth. This starts with some changes in the top.

The department store chain announced that Thomas J. Edwards would become chief financial officer and chief operating executive, effective June 22, 2012. Edwards was previously CFO and COO of global fashion luxury group Capri Holdings.

Macy’s recently appointed a chief stores officer, a chief information officer and a chief marketing officer. They also appointed a new CEO for Macy’s Bloomingdale’s. 

“With these new changes, we complete an evolution of the Macy’s Inc. management team. I am confident we have the talent to support Macy’s Inc.’s return to enterprise growth,” CEO Tony Spring stated.

Executive changes follow sales decline and store closures

Macy’s is looking to revitalize itself after it reported a roughly 4% year-over-year decline in net sales in the fiscal 2024 fourth quarter—which it warned about ahead of the results—due to poor store performance. In February 2024, the company announced that it would close 150 stores in three years. Many of these stores have already closed. 

For the time being, investors have been down on Macy's shares, which are off more than 35% in the last year. The stock recently rose 2.2%.