© Reuters. FILE PHOTO: Macy’s CEO Jeff Gennette arrives to view the Macy’s Herald Square early opening for the Black Friday sales in Manhattan, New York City, U.S., November 28, 2019. REUTERS/Andrew Kelly/File Photo
(Reuters) -Macy’s Inc on Wednesday said its Chief Executive Officer Jeff Gennette will retire in February 2024, after serving the department store chain for 40 years and will be succeeded by insider Tony Spring.
Spring, who is the chairman and CEO of Macy’s (NYSE:) unit Bloomingdale’s has been with the company for 36 years. He was named as a successor to Gennette after an internal and external search, Macy’s said.
Gennette, 61, has been the head of the company since 2017, and was credited with turning the business around at a time when department stores were facing sagging sales due to increasing online competition.
Macy’s said as part of the leadership transition, Chief Financial Officer Adrian Mitchell’s responsibilities have been expanded to include the role of chief operating officer.
Shares of the department store chain fell about 2% in premarket trading.
