Macy's (M) - Get Macy's Inc Report named Boston Consulting's Adrian V. Mitchell, who has extensive experience with retailers, as chief financial officer as the department-store chain recovers from the coronavirus-pandemic shutdown.
Mitchell on Nov. 2 will join the Cincinnati company, reporting to report to Chairman and Chief Executive Jeff Gennette.
He succeeds Felicia Williams, who is joining CEO Action for Racial Equity, an initiative aimed at advancing diversity and inclusion within the workplace, as Macy’s fellow.
Williams had been interim CFO since Paula Price left at the end of May.
Mitchell will be responsible for all finance functions including accounting, treasury, investor relations, internal audit, financial/capital planning and analysis, and procurement.
“In a retail environment where change is accelerating beyond what we could have imagined a year ago, Adrian’s depth of financial and operational experience, coupled with his leadership in strategy, innovation, and transformation, will help us on our path to emerge a stronger company," Gennette said in a statement.
At Boston Consulting Group, which he joined in 2017, Mitchell is a managing director and partner in the digital and consumer practices. He worked largely with Fortune 500 companies on strategy, operational improvements and more.
The Wall Street Journal reported that Mitchell will receive a $500,000 signing bonus, an annual base salary of $800,000, and an annual bonus with a target of 100% of his base pay.
Last month Macy's reported a loss of $431 million for the second quarter, even as sales continued to recover from temporary store closures spurred by the coronavirus pandemic.
The retailer, which also owns the Bloomingdale’s and Bluemercury brands, said sales at both brick-and-mortar registers and online totaled $3.6 billion, better than the $3.5 billion expected by analysts but down from $5.5 billion a year earlier.
At last check Macy's shares were 1.2% higher at $6.21.