Macy’s President is Stepping Down to Become CEO of Tractor Supply Company
Macy's announced today that its president, Hal Lawton, is resigning and joining Tractor Supply Company as its new CEO, CNBC reported. Lawton will be succeeding Greg Sandfort, effective Jan. 13, and will also be sitting on Tractor Supply's board of directors. Before joining Macy’s in 2017, Lawton was a senior vice president of North America for eBay. Since Lawton started at Macy's, department stores have been struggling to retain customers with more consumers choosing to shop online or buy directly from brands. Macy's hasn't announced who will be replacing Lawton as president.
Total Retail's Take: According to CNBC, Macy's shares have fallen roughly 50 percent this year. Lawton is resigning in the middle of the holiday shopping season, and in a landscape where department stores are struggling. Perhaps he recognized the precarious situation Macy's is in and opted to head for greener pastures (TSC reported record 2018 fiscal year sales, including a 9 percent increase in net sales and a 5.1 percent lift in comparable store sales). It will be interesting to see who Macy's hires to take Lawton's place and what their plans will be to turn around the iconic retailer.