The Wall Street Journal: Macy’s shakes up management, hires eBay executive [MarketWatch]
Macy's Inc (M)
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Source: MarketWatch
Macy’s shakes up management, hires eBay executive Macy’s Inc. poached a senior eBay Inc. executive and streamlined its top management in an effort to speed up decision-making at the struggling department-store chain. Hal Lawton, 43, will join Macy’s on Sept. 8 as president, the company said. He will report to Macy’s Chief Executive Jeff Gennette, who had previously held the president’s title. Earlier Monday, eBay EBAY, -1.55% announced Lawton’s resignation as senior vice president, North America. Macy’s M, +0.21% also restructured its merchandising ranks by consolidating its merchandising, planning and private-label functions into a single unit, resulting in the elimination of about 100 jobs. The move is expected to save about $30 million annually with $5 million of the savings coming in the fourth quarter of the current fiscal year. “We had a lot of decision makers at the table, and we weren’t as fast as we needed to be,” Gennette said of the old structure. An expanded version
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- Macy's, Inc. (NYSE: M) had its "market perform" rating re-affirmed by analysts at Telsey Advisory Group. They now have a $21.00 price target on the stock.MarketBeat
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