Jeff Gennette to Remain Board Chair Until
Company’s 2024 Annual Meeting
Macy’s, Inc. (NYSE: M) today announced that, in connection with
its leadership succession plan announced on March 29, 2023, Tony
Spring (58) will serve as chief executive officer of the company,
effective February 4, 2024. Spring succeeds Jeff Gennette (62), who
is retiring as chief executive officer after serving the company
for 40 years. Gennette will continue as chair of the board until
the company’s 2024 Annual Meeting, with Spring becoming board chair
as of the Annual Meeting.
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Tony Spring Takes Helm as Chief Executive
Officer and Chair-Elect of Macy’s, Inc. (Photo: Business Wire)
“Tony is the ideal CEO to build on our momentum and lead Macy’s,
Inc. into the future. 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. In addition to building brands and consistently
innovating for the customer, Tony has strengthened our culture
through his leadership and is committed to talent development,”
said Gennette. “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.”
Spring commented, “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.”
Paul C. Varga, lead independent director of the Macy’s, Inc.
board of directors, said, “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. Additionally,
on behalf of the board, I want to thank Jeff for his unwavering
leadership over many decades to Macy’s, Inc. 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.”
About Tony Spring
A key member of the Macy’s, Inc. executive leadership team,
Spring has been instrumental in the company’s transformation.
Spring served for the past year as president and chief executive
officer-elect, leading Macy’s, Inc.’s digital, customer,
merchandising, and brand teams, and also overseeing Bloomingdale’s
and Bluemercury.
During his 36 years at Bloomingdale’s, Spring was a
customer-focused innovator known for his exceptional brand-building
and merchandising talents. As chairman and chief executive officer
of Bloomingdale’s, he drove the success of the nameplate, which
delivered its highest sales volume and record customer engagement
in 2022. He also repositioned Bluemercury into a vibrant and
growing nameplate for the company. Spring is highly respected among
the community of retail leaders and serves as a member of the
Executive Committee of the National Retail Federation and the board
chair for the National Retail Federation Foundation. He also serves
on the board of directors of the Juvenile Diabetes Research
Foundation (JDRF) – Greater New York City Chapter, and the Hospital
for Special Surgery Advisory Board.
About Macy’s, Inc.
At Macy’s, Inc. (NYSE: M), we are a trusted source for quality
brands at great values from off-price to luxury. Across our iconic
nameplates, including Macy’s, Bloomingdale’s and Bluemercury, we
help our customers express their unique style and celebrate special
moments, big and small. Headquartered in New York City, we operate
one of retail’s largest e-commerce businesses integrated with a
nationwide footprint to deliver the most convenient and seamless
shopping experience. Our purpose is to create a brighter future
with bold representation – so we can realize the full potential of
every one of us. For more information, visit macysinc.com.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including Macy’s
ability to successfully execute against its five growth vectors,
including the ability to realize the anticipated benefits
associated with the strategy, conditions to, or changes in the
timing of proposed real estate and other transactions, prevailing
interest rates and non-recurring charges, the effect of potential
changes to trade policies, store closings, competitive pressures
from specialty stores, general merchandise stores, off-price and
discount stores, manufacturers’ outlets, the Internet and catalogs
and general consumer spending levels, including the impact of the
availability and level of consumer debt, possible systems failures
and/or security breaches, the potential for the incurrence of
charges in connection with the impairment of intangible assets,
including goodwill, declines in credit card revenues, Macy’s
reliance on foreign sources of production, including risks related
to the disruption of imports by labor disputes, regional or global
health pandemics, and regional political and economic conditions,
the effect of weather, inflation, inventory shortage, labor
shortages, the amount and timing of future dividends and share
repurchases, our ability to execute on our strategies and achieve
expectations related to environmental, social, and governance
matters, and other factors identified in documents filed by the
company with the Securities and Exchange Commission, including
under the captions “Forward-Looking Statements” and “Risk Factors”
in the company’s Annual Report on Form 10-K for the year ended
January 28, 2023. Macy’s disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
At the 2024 Annual Meeting, Macy’s, Inc. will continue to use
its white proxy card.
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version on businesswire.com: https://www.businesswire.com/news/home/20240202151147/en/
Media – Chris Grams communications@macys.com Investors
– Pamela Quintiliano investors@macys.com
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