Macy’s nominates former head of real estate to board

Department store giant Macy’s has announced the nomination of Douglas Sesler to stand for election to the company’s board of directors at the upcoming annual shareholder meeting.

Sesler, who is the founder and president of real estate investment and development firm Fair Street Partners, previously served as head of real estate for Macy’s, where he oversaw the company’s 100 million square feet real estate portfolio.

He had also held a number of leadership positions at the likes of True Square Capital, Bank of America Merrill Lynch and Citigroup, among others.

In a release, CEO and chairman-elect Tony Spring said Sesler would bring a “unique combination of experience” to the board, adding: “He has a long track record of success in leading and implementing value-generating real estate portfolio management strategies and transactions.

“I am confident Doug’s skill sets will complement those of our other directors and advance our efforts to unlock value for our shareholders as we advance ‘A Bold New Chapter’ strategy.”

Announced in February, the strategy aims to return Macy’s to enterprise growth by strengthening the company’s nameplate, accelerating luxury growth and simplifying end-to-end operations.

Next to Sesler’s appointment, the group also announced that Francis Blake, who has served on the board since 2015, will not stand for reelection at the annual meeting, in accordance with the mandatory retirement age.