Macy's Inc. (NYSE: M), reeling from declining sales at its physical stores, said Monday it had hired Hal Lawton, a senior executive from eBay Inc.
Hal Lawton has been named as the company's president, effective 8 September 2017. Lawton has strong technology and digital expertise and was most recently senior vice president, eBay North America.
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Both moves suggest Macy's is trying to bulk up its online efforts. "I'm thrilled that he has chosen to join Macy's", said Mr. Gennette. Before joining EBay in 2015, Lawton spent 10 years at Home Depot Inc., where he helped craft the home-improvement company's website, now a $2 billion part of the business.
The restructuring will mean the departure of Macy's chief merchandising officer Tim Baxter, whose duties will be taken over by current chief stores and human resources officer Jeff Kantor. Macy's has always been known for innovation and excellence in merchandising.
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Macy's said it expects the restructuring will result in one-time costs of about $20 million to $25 million mainly in the third quarter, and that it would save about $30 million on a yearly basis. The overhaul's goal is to strengthen the company's capacity for data analysis and "massively" simplify its structure, allowing "greater speed and flexibility".
US-based retailer Macy's said it would restructure its merchandising operations, which could result in the elimination of about 100 jobs. Macy's wants to also expand their customer insights and data analytics to include inventory replenishment and pricing capabilities. Some of the money will be used to reinvest in the business. The company anticipates savings of approximately $5 million or approximately 1 cent per share in the fourth quarter of 2017, which is additive to previously provided earnings guidance.
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