By Michael Elkins
Macy’s Inc (NYSE:M) announced Wednesday that Chairman and longtime CEO, Jeff Gennette plans to retire in February 2024 after serving the company for 40 years.
The announcement follows a “rigorous succession planning process“ that included an internal and external search. The search culminated in the decision to appoint Tony Spring, as Macy’s president and CEO-elect, and as a member of the board of directors.
“Serving Macy’s, Inc. over the past 40 years has been a privilege. I’m proud of the exceptional work of our colleagues to strengthen Macy’s, Inc. by successfully executing our winning Polaris strategy. We’ve done so during profound industry changes and economic challenges,” said Gennette. “I’m excited that Tony Spring has been appointed Macy’s, Inc.’s president and will become CEO upon my retirement. 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. And I’m delighted that Adrian’s role has greatly expanded, leveraging his deep strategic expertise, commitment to omnichannel operational excellence and strong financial discipline. Tony and Adrian are an ideal team to build on our momentum and propel Macy’s, Inc. into the future.”
As President, Tony will be responsible for leading Macy’s, Inc.’s Digital, Customer, Merchandising, and Brand teams, while overseeing Bloomingdale’s and bluemercury.
“I am honored to be named president and CEO-elect of Macy’s, Inc. Having worked closely with Jeff throughout our transformation, I see tremendous opportunity to build upon the storied reputation of each of our nameplates. We are further strengthening relationships with our customers through compelling merchandise, partnering with the best brands, and delivering great shopping experiences,” said Spring. “Thanks to Jeff’s leadership and the contributions of our colleagues throughout the business, we are more agile today and meeting customers wherever and whenever they choose to shop. I look forward to partnering with Adrian and leading the team to deliver profitable growth and strong returns for all our stakeholders.”
As a part of the leadership transition, the company has also announced that Macy’s CFO Adrian Mitchell’s responsibilities have been expanded to include the 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.
“I am excited to take on this new role to ensure that we further strengthen the disciplines that are modernizing Macy’s, Inc.,” said Mitchell. “Together with Tony and the entire Macy’s, Inc. team, we will continue to invest and enhance our capabilities to modernize our infrastructure to deliver highly interactive, personalized, and relevant omnichannel shopping experiences for a broader range of customers. This will make us an even more competitive modern retailer that is well positioned to capture significant growth while ensuring our operational and financial health.”
Shares of M are down 0.64% in pre-market trading on Wednesday.