Jeff Gennette, the chief executive officer (CEO) of American department store chain Macy’s (M), has announced that he will retire after more than 40 years at the company.
Gennette, age 61, plans to step down in February 2024. He will be succeeded by Tony Spring, CEO of the company’s higher-end department store chain Bloomingdale’s.
In addition to the CEO change, Macy’s Chief Financial Officer Adrian Mitchell will take on an expanded role and also serve as the company’s chief operating officer. He will lead store operations, technology, and supply chain teams going forward.
When Gennette became Macy’s CEO in 2017, he faced declining sales and questions about the viability of department stores as customers moved to online shopping.
However, Gennette launched a three-year turnaround plan called “Polaris” that accelerated Macy’s digital growth, closed underperforming stores, and boosted profits.
Over the past three years, Gennette navigated the company through another major challenge: the COVID-19 pandemic that forced Macy’s to temporarily shutter its nearly 800 stores.
The retailer emerged from the pandemic with a smaller workforce and network of stores, but with less debt and more online customers.
Macy’s stock has fallen about 50% since Gennette assumed the top job in 2017. However, the stock has rebounded from its pandemic lows and gained 9% in the past six months to now trade at $17.27 U.S. per share.
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