Macy’s CEO Jeff Gennette to Retire After Successful Turnaround Effort
Macy’s has announced that Jeff Gennette, the CEO who has led the company’s successful turnaround effort over the past few years, will retire in 2021. Tony Spring, current CEO of Bloomingdale’s and a long-time Macy’s executive, will take his place in February.
Gennette joined Macy’s as COO in 2009 and was appointed to lead it as its president and CEO six years later. He is credited with leading Macy’s during one of its most challenging periods when many retailers were struggling due to competition from online stores, such as Amazon. Under Gennette’s leadership, he implemented strategies that allowed for cost savings while also investing more in e-commerce capabilities, which enabled customers to shop online or through mobile apps. These efforts have paid off; since 2015 sales at established locations are up 4%.
Spring brings a wealth of experience from within the retail industry having worked at both Neiman Marcus Group Inc., where he served on their executive team for 14 years before joining Bloomingdale’s in 2017 as President & Chief Executive Officer (CEO). His experience includes overseeing merchandising operations across multiple brands including Last Call by Neiman Marcus Outlet Stores and Bergdorf Goodman Men Store among others – making him well suited for this role at Macy’s going forward.Read more at CNBC