Macy's hires new president; 100 jobs to be cut in restructuring efforts

Macy's hires new president; 100 jobs to be cut in restructuring efforts

Lawton, who starts on September 8, will be responsible for the Macy's brand, including merchandising, marketing, stores and operations, the company said Monday.

Lawton will oversee all aspects of the Macy's brand, taking on responsibility for functions like merchandising, marketing, stores, operations, tech, and consumer insights and analytics.

Lawton will report to Macy's CEO Jeff Gennette, who is shedding the president's title to make way for him. He now serves as chief stores and human resources officer and will report to Lawton. "With Hal on the team, we will accelerate the integration of digital both online and in our stores".

"Macy's has always been known for innovation and excellence in merchandising", Gennette said.

Macy's sees annual savings of about $30 million from the operational changes. Macy's wants to also expand their customer insights and data analytics to include inventory replenishment and pricing capabilities.

"Hal Lawton has deep expertise at the intersection of retail and technology, a diverse set of business experiences that give him a unique perspective, and a track record of successfully driving a change agenda at scale", Gennette said in the statement.

Shares of Macy's have been recently up 3% in early trading Tuesday but stock has fallen more than 50% over the past 12 months, down 45% this year.

Macy's expects the restructuring to result in a headcount reduction of approximately 100 positions, and will incur one-time charges of roughly $20 million to $25 million primarily recognized in the third quarter.

Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. The Motley Fool has a disclosure policy.