Macy’s CEO Jeff Gennette to Retire in 2024 After 40 Years at the Company

Macy’s, the iconic American department store chain, announced on Wednesday that its Chairman and Chief Executive Officer, Jeff Gennette, will retire in February 2024.

After a rigorous succession planning process, Tony Spring, the CEO of Bloomingdale’s, will succeed Gennette as Macy’s President and CEO, while the company’s Chief Financial Officer, Adrian Mitchell, will take on an expanded role as Chief Operating Officer. Gennette, who took over as CEO in 2017, faced significant challenges, including declining sales, store closures, and a pandemic. However, he spearheaded the company’s transformation, leading its three-year turnaround plan, Polaris, which involved accelerating digital growth, closing underperforming shops, and investing in the company’s best stores. Despite a decline in Macy’s shares, the stock has rebounded from lows in March and April 2020. Macy’s has also broken from its typical role as a shopping mall anchor by opening and testing several smaller and off-mall locations.

Tony Spring to Succeed Gennette as Macy’s CEO

After an internal and external search, Tony Spring has been appointed Macy’s, Inc. President and CEO-elect. Spring, who currently leads the company’s higher-end department store banner, Bloomingdale’s, has been a customer-focused innovator for 36 years. As Chairman and CEO of Bloomingdale’s, he has repositioned Bluemercury into a vibrant and growing nameplate for the company. Spring is highly respected among the community of retail leaders and serves as a member of the Executive Committee of the National Retail Federation and the board chair for the National Retail Federation Foundation. He will be responsible for leading Macy’s, Inc.’s Digital, Customer, Merchandising, and Brand teams, while overseeing Bloomingdale’s and Bluemercury.

Adrian Mitchell’s Expanded Role as Chief Operating Officer

In addition to his role as Chief Financial Officer, Adrian Mitchell’s responsibilities have been expanded to include the role of Chief Operating Officer. In the combined role, Mitchell will lead the Stores, Technology, and Supply Chain teams, in addition to his existing Finance and Real Estate responsibilities. Mitchell is a seasoned retail leader, with a diversity of experiences developing growth strategies and creating more effective retail organizations. He has been integral in the development and execution of the company’s Polaris transformation strategy to drive sustainable and profitable growth. Mitchell also serves on the board of directors of Stanley Black & Decker and previously served as a member of the board of directors of REI Co-Op.

Gennette’s Legacy and Future Plans

Gennette has been with Macy’s for 40 years and will leave behind a legacy of important contributions in his seven years as CEO, including assembling a formidable leadership team to deliver on the opportunity ahead and building a purpose-driven culture guided by inclusive values. Gennette has also stood out as an openly gay leader of a publicly traded company and a vocal champion of equal rights. He plans to work side-by-side with Spring and Mitchell until February 2024 to ensure a smooth transition. Gennette said he is excited that Spring has been appointed Macy’s, Inc.’s President and CEO-elect and called Spring and Mitchell “an ideal team to build on our momentum and propel Macy’s, Inc. into the future.”

Macy’s Transformation and Future Growth

Under Gennette’s leadership, Macy’s has undergone a significant transformation, focusing on digital growth, store closures, and investments in the company’s best stores. Macy’s has emerged from the pandemic with a smaller workforce and store footprint but with less debt and a more modern, data-driven organization. The company has also broken from its typical

Featured image: Mike Strand, CC BY 3.0, via Wikimedia Commons

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