Tony Spring will become the new Macy’s CEO on Feb. 4, stepping into a position being vacated as current CEO Jeff Gennette retires. The retailer announced the transition on Friday, following through with a leadership succession plan that it announced in March 2023.
Spring, a 36-year veteran at Macy’s, has already been serving as president and chief executive officer-elect. His focus during the past year has been on Macy’s, Inc.’s digital, customer, merchandising and brand teams, in addition to Bloomingdale’s and Bluemercury, according to the company. In addition, he is a member of the Executive Committee of the National Retail Federation and serves as board chair for the National Retail Federation Foundation.
Macy’s ranks No. 17 in the 2023 Digital Commerce 360 Top 1000. The Top 1000 ranks North America’s leading retailers by annual online sales.
Gennette: Spring is ideal new Macy’s CEO
“Tony is a proven, results-oriented leader and we are confident he will lead Macy’s, Inc. into its next phase of growth and deliver value for shareholders,” said Paul Varga, lead independent director of the Macy’s, Inc. board of directors, in a released statement. “We look forward to continuing to benefit from Jeff’s ongoing contributions and leadership through the duration of his tenure as chair of the board.”
Gennette, who has been with Macy’s for 40 years, will maintain his place as chair of the board there until its 2024 annual meeting. At that point, Spring is slated to absorb those responsibilities as well.
“Tony is the ideal CEO to build on our momentum and lead Macy’s, Inc. into the future,” Gennette said. “He has only added to his many contributions in advancing the company’s strategies over the past year as president and CEO-elect, after having delivered strong results during his tenure leading Bloomingdale’s and overseeing Bluemercury.”
Taking over Macy’s at a challenging time
Spring will become CEO at a time of historic challenges for Macy’s. The company detailed plans in January to cut 2,350 members of its staff. Those layoffs coincided with the board’s official rejection of a takeover attempt by Arkhouse Management and Brigade Capital Management. That deal would have taken Macy’s private, potentially selling off some of the real estate occupied by Macy’s stores in favor of a heavier digital focus.
“I am excited to take on the role of CEO of Macy’s, Inc. and to apply my over three decades of experience with our nameplates to build on this strong foundation and lead our company forward,” Spring stated. “Alongside the Macy’s, Inc. leadership team, we will remain focused on driving innovation, fostering profitable sales growth and delivering value for our shareholders, while strengthening our position as our customers’ trusted source for quality brands.”
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