Price, who was hired in July of 2018, will leave the company on May 31, but will continue to advise the struggling retailer until the end of November, Macy's said. A search for her replacement is currently underway, the company added.
“I want to thank Paula for her leadership and contribution to Macy’s, Inc. She has built a strong finance leadership team, and we are fortunate to have a very deep bench to draw on to ensure a smooth transition,” said CEO Jeff Gennette. “We will continue to take all necessary actions to ensure that Macy’s, Inc. emerges from this pandemic on solid footing and ready to serve our customers."
"Paula remains a critical part of our plan, and while I respect her decision, I also appreciate the long runway she is giving us for this transition,” he added.
Macy's shares were marked 12.8% higher in pre-market trading Tuesday to indicate an opening bell price of $6.35 each.
The stock hit an all-time low of $4.38 on April 1 after it was dumped from the S&P 500 after shedding more than 70% of its value since the start of the year, and added to the Small Cap index on Monday.
Last month, the iconic retailer said it would furlough around 130,000 employees nationwide, and slash pay and benefits for its top executives, as coronavirus closures and 'shelter-at-home' orders keep its stores closed around the country.
"While the digital business remains open, we have lost the majority of our sales due to the store closures," the company said in a statement.
However, just six weeks ago, Macy's had seemingly reached an important point in its ongoing turnaround after it reported a stronger-than-expected fourth quarter profit thanks in part to a "meaningful sales uptick" in the pre-Christmas period.
Looking into the 2020 fiscal year, Macy's has also said net sales would come in between $23.6 billion to $23.9 billion while adjusted earnings were forecast between $2.45 and $2.5 per share.
"We've already taken measures to maintain financial flexibility, including suspending the dividend, drawing down our line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, cancelling some orders and extending payment terms, and we are evaluating all other financing options," Macy's said last week.