Macy’s Inc. announced a management shakeup Monday, with the hiring of an eBay executive, Hal Lawton, as President and the elimination of 100 jobs by consolidating the company’s merchandising, planning and private brands functions.
“Hal Lawton has deep expertise at the intersection of retail and technology, a diverse set of business experiences that give him a unique perspective, and a track record of successfully driving a change agenda at scale,” CEO, Macy’s, Jeff Gennette said in a statement. “I’m thrilled that he has chosen to join Macy’s.”
The restructuring will merge three units – merchandising, planning and private brands – into one division, which will be led by Chief Stores Officer Jeff Kantor. The management changes were aimed at streamlining decision-making so the department store chain can be more nimble in reacting to change.
“The changes we are making today maintain our core merchandising skills while massively simplifying our structure and processes for greater speed and flexibility,” Gennette said in a statement.
The company said the restructuring will result in one-time costs of about US $20 million to US $25 million and save it about US $30 million per year. Some of the money will be used to reinvest in the business.