2023-03-29 07:16:27 ET
Macy’s ( NYSE: M ) CEO Jeff Gennette announced his intention to retire by early 2024 on Wednesday.
The retailer indicated that Gennette plans to retire in February 2024, ending a 40 year tenure with the company and a 7-year term as CEO. Currently Bloomingdale’s chairman and CEO Tony Spring will succeed Gennette as the company’s top executive while CFO Adrian Mitchell will also take up responsibilities as COO.
“On behalf of the board, I want to thank Jeff for his extraordinary leadership and many years of service to Macy’s, Inc. I especially want to acknowledge Jeff for leading Macy’s, Inc. through the challenges of the global pandemic and establishing a solid foundation for sustainable and profitable growth by developing and executing the Polaris transformation strategy,” Paul Varga, lead independent director of the Macy’s, Inc. board of directors, said. “Tony is an excellent choice and a proven leader who has driven exceptional results for Bloomingdale’s, bluemercury, and Macy’s, Inc. Together with Adrian’s strategic, operational, and financial talents, we have the right leadership team to drive long-term shareholder value.”
Spring has spent 36 years at Bloomingdale’s and currently serves as a member of the Executive Committee of the National Retail Federation and the board chair for the National Retail Federation Foundation. The retailer said he was selected after a search that also considered external candidates.
Shares of Macy’s ( M ) fell 2.14% in premarket trading after the announcement .
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Macy’s CEO Gennette announces plan to retire in 2024