Macy's Chief Marketing Officer to Depart

By Tess Stynes 

Macy's Inc. said Chief Marketing Officer Martine Reardon, a 32-year veteran of the department-store operator, will leave the company next month.

"It is with deep sadness that we accept Martine's resignation from Macy's," Chairman and Chief Executive Terry Lundgren said Tuesday. "Martine's leadership, insight, creativity and expertise have enabled Macy's to compete in physical stores and digitally as customer shopping preferences have evolved."

Macy's said a search for a successor for Ms. Reardon, who has been chief marketing officer since February 2012.

The Cincinnati-based department-store chain in February reported a 31% drop in profit during the holiday-shopping season in the face of stiff competition from lower-priced chains and the Internet. The retailer, which has a significant presence in the Northeast, said it was hurt by unusually warm weather and lower spending by international tourists partly because of the strong U.S. dollar.

In January, disappointing holiday sales prompted Macy's to cut thousands of jobs and hire more advisers to re-examine its real-estate holdings in markets including New York and San Francisco.

The company's weakening financial results have drawn the interest of activist investor Starboard Value LP, which has pressured the retailer to figure out ways to make more money from its real estate.

Write to Tess Stynes at [e-mail]

(END) Dow Jones Newswires

April 12, 2016 12:36 ET (16:36 GMT)

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