“Karen Hoguet is one of retail’s most respected executives and is an outstanding Chief Financial Officer. For the past three decades, Karen has had a voice in almost every major decision at Macy’s and its predecessor Federated Department Stores. She knows our business inside and out and, through good times and bad, Karen has been a steady and strategic hand in the CFO’s seat. The company is grateful to Karen for her service. I am deeply appreciative of her partnership over the past year as we have worked together to return Macy’s to growth, and I thank her in advance for leading what I know will be a smooth transition,” said Jeff Gennette, Macy’s, Inc. chairman and chief executive officer.
Macy’s is searching externally for a replacement, offering a fresh eye to the department store. This move is not unusual. According to a Kolder Volatility Report, in 2017, 44% of new CFOs were hires were external ones. Hoguet will continue in her role as CFO until her successor is appointed. She will then remain in an advisory role to support the company during a transition period until February 2, 2019.
Hoguet began her career at Federated Department Stores in 1982 and was appointed to the role of Chief Financial Officer in 1997.