New CEO takes helm of Macy’s as possible takeover battle looms
The Jeff Gennette-era at Macy’s, Inc. has ended.
Tony Spring will take the helm as chief executive and chair-elect of the nation’s largest department store retailer on Feb. 4. Spring, who was named president and CEO-elect in March 2023, succeeds Gennette, who is retiring as chief executive officer after 40 years with the company. Gennette will continue as board chair Macy’s annual meeting, with Spring becoming chair at that time.
Spring has spent his entire career at Macy’s, serving 36 years with its luxury Bloomingdale’s division, which he led since 2014. He steps into the top role at Macy’s as the company faces a possible takeover bid from an investor group — Arkhouse Management and Brigade Capital Management — that in December submitted a bid valued at $5.8 billion to take Macy’s private. After the retailer rejected the bid amid financing concerns, the investor group said they may take their offer to shareholders.
Spring also faces other challenges. Macy’s has been working to reinvent itself to better compete in today’s competitive environment with efforts that opening smaller-format off-mall stores and cutting its workforce. In January, the said it would close five Macy’s mall stores and cut approximately 2,350 jobs, or about 3.5% of its workforce, with most of the cuts occurring at the corporate office. The cuts come as the retailer readies to unveil a new strategy under its new CEO.
“As we prepare to deploy a new strategy to meet the needs of an ever-changing consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” the company said in an email to Chain Store Age.
In a statement, Gennette called Spring the “ideal CEO to build on our momentum and lead Macy’s, Inc. into the future.”
“He has only added to his many contributions in advancing the company’s strategies over the past year as president and CEO-elect, after having delivered strong results during his tenure leading Bloomingdale’s and overseeing Bluemercury,” Gennette said. “In addition to building brands and consistently innovating for the customer, Tony has strengthened our culture through his leadership and is committed to talent development.”
Spring commented, “I am excited to take on the role of CEO of Macy’s, Inc. and to apply my over three decades of experience with our nameplates to build on this strong foundation and lead our company forward. Alongside the Macy’s, Inc. leadership team, we will remain focused on driving innovation, fostering profitable sales growth and delivering value for our shareholders, while strengthening our position as our customers’ trusted source for quality brands.”