Macy's said Tuesday that Chief Financial Officer Paula Price will be leaving the company, effective May 31.

The company said an external search is underway for Price's replacement. It also said Price will remain an advisor to Macy's until November.

Price has served as CFO since July 2018.

"We will continue to take all necessary actions to ensure that Macy's, Inc. emerges from this pandemic on solid footing and ready to serve our customers," CEO Jeff Gennette said in a statement. "Paula remains a critical part of our plan, and while I respect her decision, I also appreciate the long runway she is giving us for this transition."

Macy's shares were last up more than 10% in premarket trading following the announcement. The stock has fallen more than 60% this year.

Macy's, which has a market cap of about $1.7 billion, was recently dropped from the S&P 500, and replaced by Carrier Global. It has been banished all the way down to the small-cap S&P 600, skipping the mid-cap S&P 400. Macy's had a market cap more than double what it is today, of roughly $6 billion, in mid-February.

In order to cope with the coronavirus pandemic, Macy's has furloughed the majority of its employees, with its department stores across the country sitting temporarily dark. Gennette is also not taking a salary until the crisis is over.