Macy's Chief Marketing Officer to Depart
April 12 2016 - 12:51PM
Dow Jones News
By Tess Stynes
Macy's Inc. said Chief Marketing Officer Martine Reardon, a
32-year veteran of the department-store operator, will leave the
company next month.
"It is with deep sadness that we accept Martine's resignation
from Macy's," Chairman and Chief Executive Terry Lundgren said
Tuesday. "Martine's leadership, insight, creativity and expertise
have enabled Macy's to compete in physical stores and digitally as
customer shopping preferences have evolved."
Macy's said a search for a successor for Ms. Reardon, who has
been chief marketing officer since February 2012.
The Cincinnati-based department-store chain in February reported
a 31% drop in profit during the holiday-shopping season in the face
of stiff competition from lower-priced chains and the Internet. The
retailer, which has a significant presence in the Northeast, said
it was hurt by unusually warm weather and lower spending by
international tourists partly because of the strong U.S.
dollar.
In January, disappointing holiday sales prompted Macy's to cut
thousands of jobs and hire more advisers to re-examine its
real-estate holdings in markets including New York and San
Francisco.
The company's weakening financial results have drawn the
interest of activist investor Starboard Value LP, which has
pressured the retailer to figure out ways to make more money from
its real estate.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 12, 2016 12:36 ET (16:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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