Jeff Gennette, Macy's, Inc. chairman & CEO (Photo: Business Wire)
In a move that caught the industry by surprise, the highly-respected chief executive of Macy’s Inc. plans to step down early next year.
The nation’s largest department retailer said that chairman and CEO Jeff Gennette, 61, one of the retail industry's most high-profile executives, will retire in February 2024, after 40 years with the company. Gennette who was tapped as CEO in 2017, is credited with re-energizing the almost 165-year-old iconic retailer. In February 2020, he launched a three-year turnaound initiative, called Polaris, that included an increased focus on digital growth, the closure of underperforming stores and the opening of smaller, off-mall stores.
Gennette's upcoming retirement generated two management changes, including the appointment of Tony Spring, 58, chairman and CEO of the company’s luxury Bloomingdale’s division, as president of Macy’s Inc. and CEO-elect. Spring has also been named to the company’s board.
In a release, Macy's said the decision to name Spring, a 36-year Bloomingdale's veteran, as its next CEO came after an internal and external candidate search.
As Macy’s president Spring will be responsible for the corporation’s digital, customer, merchandising and brand teams, while overseeing the Bloomingdale’s and Bluemercury divisions.
“I’m excited that Tony Spring has been appointed Macy’s, Inc.’s president and will become CEO upon my retirement,” stated Genette. “He has delivered strong results at Bloomingdale’s and has been an ally and trusted partner in advancing Macy’s, Inc.’s strategies. Tony consistently innovates for the customer, is an exceptional brand builder and an excellent talent developer who has strengthened our culture through his leadership.”
As a part of the leadership transition, the retailer announced that CFO Adrian Mitchell will take on the additional role of COO. In the combined role, Mitchell will lead the stores, technology and supply chain teams in addition to his existing finance and real estate responsibilities.
Gennette will work side-by-side with Spring and Mitchell until February 2024 to ensure a smooth transition, the company said.
“I am honored to be named president and CEO-elect of Macy’s, Inc.," stated Spring. "Having worked closely with Jeff throughout our transformation, I see tremendous opportunity to build upon the storied reputation of each of our nameplates.