Macy’s Chairman and CEO Jeff Gennette will retire in February 2024.
He will be succeeded by Tony Spring, who was Macy’s executive vice president and Bloomingdale’s chairman and CEO and has now been appointed Macy’s president and CEO-elect and a member of the board of directors, the company said in a Wednesday (March 29) press release.
In addition, Macy’s Chief Financial Officer Adrian Mitchell will take on the additional role of chief operating officer.
Gennette has been with Macy’s for 40 years and has served as CEO for seven years. He led the retailer through the challenges of the pandemic and developed the company’s Polaris transformation plan.
Announced before the pandemic, the Polaris strategy puts the customer at the center of the company’s future planning through stepped-up loyalty programs and a better digital experience.
“Upon retirement, Jeff 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,” Paul Varga, lead independent director of the Macy’s board of directors, said in the release.
Spring has been with Bloomingdale’s for 36 years, led the retailer to its highest sales volume in 2022 and repositioned bluemercury as a “vibrant and growing nameplate.”
In his new role as president, Spring will lead Macy’s digital, customer, merchandising and brand teams and will oversee the company’s Bloomingdale’s and bluemercury brands.
Mitchell has served as Macy’s CFO since November 2020 and has played a significant role in the development and execution of the Polaris plan.
In his newly expanded role, Mitchell will lead the stores, technology and supply chain teams while continuing to manage finance and real estate.
“Tony is an excellent choice and a proven leader who has driven exceptional results for Bloomingdale’s, bluemercury and Macy’s, Inc.,” Varga said in the release. “Together with Adrian’s strategic, operational and financial talents, we have the right leadership team to drive long-term shareholder value.”
During the company’s most recent earnings call, Gennette said Macy’s has worked itself into a de-leveraged position that affords it great flexibility.
“We have entered 2023 in a position of financial and operational strength,” Gennette said during the March 2 call. “At the end of the year, we had $862 million of cash, and $1.2 billion less debt than we had in 2019, with no material debt maturities due until 2027.”
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