Paula A. Price has been appointed chief financial officer at Macy's, effective July 9, 2018.

In a statement released this week, the department store chain said Price will be responsible for leading the company’s finance, accounting, investor relations and internal audit functions. She will report to Jeff Gennette, Macy’s, Inc. chairman and chief executive officer, and will be based in New York.

Macy’s, Inc. has corporate offices in Cincinnati, Ohio, and New York, New York.

Price will succeed Karen Hoguet who plans to retire at the end of 2018. Gennette called Hoguet "one of the great leaders in retail," and thanked her for "outstanding contributions" to the company over the past three decades.

“I’m excited to have Paula join Macy’s, Inc. at such an important time for our business. She is an accomplished financial executive with an impressive breadth and depth of retail experience and will be a great addition to the team. Having led finance in a variety of complex and dynamic retail organizations, Paula’s insights and experience will serve Macy’s, Inc. well,” said Gennette.

With 2017 sales of $24.837 billion and 130,000 employees, the company operates 690 department stores under the nameplates Macy’s and Bloomingdale’s, and more than 160 specialty stores that include Bloomingdale’s The Outlet, Bluemercury, Macy’s Backstage and STORY. Macy’s, Inc. operates stores in 44 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com, bloomingdales.com, and bluemercury.com.

Price joins Macy’s, Inc. with 30 years of finance experience primarily in retail. She is currently a full-time senior lecturer in the accounting and management unit at Harvard Business School, a role she has held since 2014.

In her most recent corporate role as executive vice president, chief financial officer of Ahold USA, Price led a team of over 1,000 across finance, accounting, strategy and planning, real estate and information technology. In addition, she delivered a $1 billion program to fund the company’s strategic growth.

Price has also held senior-level roles at JPMorgan Chase, Diageo, Kraft, and Sears. She served as senior vice president, controller, and chief accounting officer of CVS Caremark Corporation. A certified public accountant, she began her career at Arthur Andersen & Co.

A Chicago native, Price holds an MBA with specialization in Finance and Strategy from University of Chicago Booth School, and a B.Sc. in Accounting from DePaul University.