Macy's CEO Jeff Gennette to Retire Next Year

Jeff Gennette, who has led Macy's as the department store chain's CEO since 2017, announced Wednesday that he will be retiring next year after a four-decade career with the company. Gennette, 61, plans to step down in February, Macy's said in a company press release.

“Serving Macy’s, Inc. over the past 40 years has been a privilege," Gennette said. "I’m proud of the exceptional work of our colleagues to strengthen Macy’s, Inc. by successfully executing our winning Polaris strategy," referring to the company's three-year plan to stabilize profitability and position the company for growth beginning in 2020.

Tony Spring,  Macy’s, Inc.'s executive vice president and Bloomingdale’s chairman and CEO, will take over for Gennette as CEO and president after being appointed by Macy's board of directors. He has been with Bloomingdale's for 36 years. As chairman and CEO, he drove the success of the nameplate, which delivered its highest sales volume and record customer engagement in 2022, according to Macy's.

Elsewhere in the company, Macy's CFO Adrian Mitchell will get additional responsibilities, 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.

Total Retail's Take: Gennette admirably led Macy's Inc. through a tumultuous period, including a worldwide pandemic that resulted in hundreds of store closures; thousands of layoffs; corporate restructuring; and a shift to digital and omnichannel selling. He also oversaw the launch of several store-within-a-store concepts at Macy's as well as the opening of a digital marketplace. Now Spring will be tasked with leading Macy's Inc., and will be looked upon to continue the turnaround process that began with Gennette at the helm.