Macy’s CEO Jeff Gennette plans to retire in February next year after a four-decade-long career with the department store chain.
He will be handing over the reins to Tony Spring, the CEO of Bloomingdale’s, which is Macy’s higher-end department store banner.
Gennette was appointed to the chief executive role in 2017 at a time when the company was facing declining sales with consumers fast-moving online, putting the survival of department store chains in jeopardy. He steered the company out of the turmoil with a three-year turnaround plan called Polaris, which set the company on a path of digital growth and fiscal improvement. The company closed underperforming stores and instead invested in top-performing locations.
Fast forward to 2021, the company emerged from the pandemic with a smaller workforce but as a sturdier, modern, data-driven organization. The retailer also managed to sidestep many of the inventory issues that weighed down other retailers.
In addition to Gennette’s announcement, Macy’s also said that CFO Adrian Mitchell would be taking on the additional responsibility of the chief operating officer. He will be tasked with leading store operations, supply chain and technology team and managing the company’s finances and real estate.