DISCUSSION
What’s Next for Macy’s as Jeff Gennette Announces Plans to Retire?
Written by George Anderson
Photo: Macy's | iStock/AlexandreFagundes
Macy’s, Inc. CEO Jeff Gennette, 61, has said he will retire in February after nearly 40 years working for the department store giant.
Tony Spring, the chairman and CEO of Bloomingdale’s, has been named to succeed Mr. Gennette after the retailer engaged in “a rigorous succession planning process that included an internal and external search.” Mr. Spring, 58, is now president and CEO-elect for Macy’s, Inc. and has been named to the company’s board. He will be responsible for leading Macy’s, Inc.’s customer, merchandising and brand teams and overseeing the Bloomingdale’s and bluemercury businesses.
Mr. Gennette, in an internal memo, said, “Tony has achieved strong results in his nine years as CEO of Bloomingdale’s, where he began his career nearly 36 years ago as a trainee. He has driven stronger customer connections and high colleague engagement, and in the last fiscal year, he delivered record sales. He has also helped drive the execution of our Polaris transformation strategy as a key member of Macy’s, Inc.’s Corporate Strategy Group.”
Polaris is Macy’s, Inc.’s multi-year plan to turn the company around that has included closing unprofitable stores, opening new, smaller concepts in off-mall locations, its Backstage off-price store-within-a-store offering, merchandising enhancements, greater personalization and an upgrade to its loyalty program. The retailer has continuously touted the numbers of new shoppers it has attracted and loyalty members it has onboarded since the novel coronavirus pandemic began and it focused on picking up its digital game including delivery, in-store and curbside pickup.
Mr. Gennette called Mr. Spring “a proven and effective leader, known for his customer-focused innovation, successful brand building and merchandising, while living our values of Acceptance, Integrity, Respect and Giving Back. He is a trusted partner to me and others across the company and his deep experience makes him well-suited to lead Macy’s, Inc. on our transformation journey.”
Mr. Spring has led Bloomingdale’s introduction of its new Bloomie’s small store concept. The first 22,000 square-foot Bloomie’s opened in Fairfax, VA, in 2021.
That was followed by a 50,000 square-foot Bloomie’s in the Chicago area market that replaced a 206,000 square-foot Bloomingdale’s earlier this year. Another Bloomie’s is planned to open in Seattle this year.
Mr. Spring has led Bloomingdale’s merchandising function as its CEO. The retailer recently announced that Denise Magid would be its new chief merchant. Ms. Magid was Bloomingdale’s EVP and GMM for ready-to-wear, center core (shoes, handbags, accessories and fine jewelry), concessions and Bloomingdale’s outlets.
Adrian Mitchell has been named chief financial officer and chief operating officer at Macy’s, Inc.