Retail

Macy's president Hal Lawton is stepping down to become CEO of Tractor Supply

Key Points
  • Macy's announces its president, Hal Lawton, is resigning, effective Friday.
  • Lawton will be leaving to join Tractor Supply as its CEO.
  • Macy's didn't name an immediate replacement.
Honoree Hal Lawton accepts award on stage during the 2019 Fashion Scholarship Fund Awards Gala on January 10, 2019 in New York City.
Cindy Ord | Getty Images

Macy's said Thursday that the president of the department store chain, Hal Lawton, is resigning, effective Friday.

Lawton will be leaving to join Tractor Supply as its CEO, succeeding Greg Sandfort, effective Jan. 13. He will also join Tractor Supply's board.

Before joining Macy's in 2017, Lawton, 45, was a senior vice president of North America for eBay.

"Hal has made significant contributions to the business over the past two years, including improving the Macy's operational cadence," CEO Jeff Gennette said in a statement. "Hal also helped us build an excellent team and, with their leadership, I'm confident that Macy's will continue strong execution through Holiday 2019 and beyond."

Lawton's resignation comes in the midst of the all-important holiday shopping season. Macy's didn't name an immediate replacement in its press release.

Lawton has been president of Macy's since September 2017. During his tenure, the landscape for U.S. department stores has grown increasingly difficult. Macy's has struggled to find ways to grow sales, with more shoppers turning to the internet or going directly to brands to buy things, bypassing trips to traditional malls.

During its latest quarter, Macy's said same-store sales declined for their first time in two years. The company also slashed its full-year profit outlook, on the heels of the dismal results.

Macy's shares have fallen roughly 50% this year.

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