US department store giant Macy’s will lose its chief financial officer of more than 20 years, Karen Hoguet, in 2019.

Hoguet, who has been Macy’s finance chief since 1997, announced her retirement on Thursday in the US, but will stay on until a successor is appointed and then in an advisory role through a transition period until 2 February 2019.

Hoguet began her career at Federated Department Stores in 1982 before it became Macy’s and is described as one of the most respected retail executives in the United States, having shepherded the retailer’s books through more than a decade of retail disruption.

The department store is now conducting an external search for Hoguet’s replacement.

“Karen Hoguet is one of retail’s most respected executives and is an outstanding chief financial officer,” said Jeff Gennette, Macy’s, Inc. chairman and chief executive officer. “For the past three decades, Karen has had a voice in almost every major decision at Macy’s and its predecessor Federated Department Stores.”

Gennette said Hoguet has been a steady and strategic hand in the CFO’s seat through good times and bad.

“The company is grateful to Karen for her service. I am deeply appreciative of her partnership over the past year as we have worked together to return Macy’s to growth, and I thank her in advance for leading what I know will be a smooth transition,” Gennette said.

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