Macy's new CEO who is already a member of the executive leadership team as president and chief executive officer-elect is said to have been instrumental in the company's transformation to date.
He has led the company on digital, customer, merchandising and brand teams and has overseen its Bloomingdale's and Bluemercury retailers.
Macy’s lead independent director Paul C. Varga explained he is confident that Spring will “lead Macy’s Inc. into its next phase of growth and deliver value for shareholders".
He described Spring as a “proven, results-oriented leader” while exiting CEO Genette added that Spring was “ideal” to build on Macy’s momentum as he has “only added to his many contributions in advancing the company’s strategies over the past year as president and CEO-elect.”
Macy's highlighted that during his 36 years at Bloomingdale’s, Spring earned a reputation as a customer-focused innovator with “exceptional brand-building and merchandising talents.” As chairman and CEO of Bloomingdale’s he drove record sales volume and customer engagement in 2022. He also repositioned Bluemercury into a vibrant and growing nameplate for the company.
Spring has also served as a member of the executive committee of the National Retail Federation (NRF) and is the board chair for the NRF Foundation.
Spring said: “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.
“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.”
Gennette to retire from role as CEO
Despite stepping down as CEO, Gennette will remain the chair of the board until Macy’s, Inc.'s Annual Meeting in 2024. Following the meeting, Spring will assume the role of board chair.
Reflecting on the transition, Gennette said: “It’s been a privilege to serve Macy’s, Inc. over the past 40 years and I’m proud of the exceptional work of our colleagues in serving our customers and continuing to strengthen the company’s operational and financial foundation.
“I look forward to continuing to work alongside Tony and our other fellow directors in the coming months in my role as chair of the board.”
Last month (January 2024) Macy's rejected a $5.8bn proposal for privatisation. The company also confirmed it is cutting its workforce by 3.5%, which an industry expert described at the time as a short-term strategy that has an "expiry date".
