Macy’s appoints two Arkhouse director nominees to its board

Macy’s has appointed two new independent directors, Richard (Ric) Clark and Richard (Rick) L. Markee, to its board. The appointments follow the board’s engagement with Arkhouse Management, resulting in the withdrawal of its director nominations.

Macy’s said in a statement that Tony Spring, chief executive officer and chairman-elect of the company, has assumed the chairman role. In addition, Douglas (Doug) W. Sesler has been appointed as an independent director. These changes, the company added, follow the planned retirements of Jeff Gennette and Frank Blake from the Macy’s board.

“We are pleased to welcome Ric and Rick to the board as we advance our efforts to deliver value for shareholders,” said Tony Spring.

Commenting on the board appointments, Paul Varga, lead independent director of Macy’s, said: “We are thrilled to have Tony serving as chairman moving forward, which completes our previously announced company and board leadership succession plan. Further, adding Ric and Rick, along with Doug, our other recently announced new director, to the Board will provide us with a valuable mix of expertise as we continue to oversee the Company’s strategic direction.”

Clark and Markee will join the board’s finance committee, which in addition to its existing responsibilities, will oversee the evaluation of and make recommendations regarding the acquisition proposal submitted by Arkhouse and Brigade Capital Management.