Macy’s, Inc. has announced that the company’s chairman and chief executive officer Jeff Gennette, 61 plans to retire in February 2024 after serving the company for 40 years.
“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,” said Gennette.
Tony Spring to take over as Macy’s Inc. CEO
The company said in a statement that Tony Spring, 58, Macy’s executive vice president and Bloomingdale’s chairman and chief executive officer, has been appointed by the board of directors as president and CEO-elect, and a member of the board of directors.
As president, Spring will be responsible for leading Macy’s, Inc.’s digital, customer, merchandising, and brand teams, while overseeing Bloomingdale’s and bluemercury.
Commenting on Spring’s appointment as CEO, Gennette said: “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.
The company added that Spring has been a customer-focused innovator during his 36 years at Bloomingdale’s, known for his exceptional brand-building and merchandising talents. As chairman and chief executive officer of Bloomingdale’s, he has driven the success of the nameplate, which delivered its highest sales volume and record customer engagement in 2022. He has also repositioned bluemercury into a vibrant and growing nameplate for the company. Spring has served as a key member of the Macy’s, Inc. executive leadership team and has been instrumental in the company’s transformation.
Spring is highly respected among the community of retail leaders and serves as a member of the Executive Committee of the National Retail Federation and the board chair for the National Retail Federation Foundation. He also serves on the board of directors of the Juvenile Diabetes Research Foundation (JDRF) – Greater New York City Chapter, and the Hospital for Special Surgery Advisory Board.
Adrian Mitchell elevated to COO role
As a part of the leadership transition, the company has also announced that Macy’s, Inc. chief financial officer Adrian Mitchell’s, 49, responsibilities have been expanded to include the role of chief operating officer. In the combined role, Mitchell will lead the stores, technology and supply chain teams, in addition to his existing finance and real estate responsibilities.
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,” added Gennette.
Serving as chief financial officer of Macy’s, Inc. since November 2020, Adrian Mitchell, the company further said, has been integral in the development and execution of the company’s Polaris transformation strategy to drive sustainable and profitable growth.
Prior to joining Macy’s, Inc., Mitchell advised retailers on growth strategies using advanced data and analytics as managing director and partner in the digital and consumer practices of Boston Consulting Group. He also served as CEO to home furnishings retailer Arhaus LLC and held several executive positions at Crate and Barrel. Mitchell also serves on the board of directors of Stanley Black & Decker, where he is a member of the Audit and Governance Committees, and previously served as a member of the board of directors of REI Co-Op.
Commenting on Gennette’s retirement and new appointments, Paul Varga, lead independent director of the Macy’s, Inc. board of directors, said: “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. 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.”