Macy's Taps Insider Tony Spring As Next CEO; Jeff Gennette Plans To Retire In February 2024

Macy's Inc M Chairman and Chief Executive Officer Jeff Gennette plans to retire in February 2024 after serving the company for 40 years.
Following a succession planning process that included an internal and external search, the company has appointed its executive vice president and Bloomingdale's chairman and CEO, Tony Spring as its president and CEO-elect.
Tony Spring will also become a member of the board of directors.
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As President, Tony Spring will be responsible for leading Macy's Digital, Customer, Merchandising, and Brand teams, while overseeing Bloomingdale's and bluemercury.
The company has also announced that its CFO Adrian Mitchell's responsibilities have been expanded to include the role of chief operating officer.
Price Action: M shares are trading lower by 0.87% at $17.12 in premarket on the last check Wednesday.