Jeff Gennette, the 61-year-old chairman and chief executive officer of Macy’s Inc. and a 40-year veteran of the company, will retire next year, triggering a string of top-level management changes.
In another key change, Macy’s chief financial officer Adrian Mitchell is taking on the additional role of chief operating officer. As CFO and chief operating officer, Mitchell will lead the store operations, technology and supply chain teams while continuing with his finance and real estate responsibilities.In its statement Wednesday morning, Macy’s indicated that Gennette will be working alongside Spring and Mitchell until February to “ensure a smooth transition.
Spring’s ascension is hardly surprising. Aside from leading Bloomingdale’s and getting good results there, he’s been active across the Macy’s portfolio, as a member of the Macy’s executive leadership team and been involved with the repositioning of the Bluemercury division, and transforming Macy’s. Mitchell has been Macy’s CFO since November 2020. Earlier, he was a managing director and partner in the digital and consumer practice of the Boston Consulting Group, advising retailers. He also served as CEO of home furnishings retailer Arhaus LLC, and held executive roles at Crate & Barrel.
Asked why he made the decision to disclose his retirement plans at this time, Gennette replied: “Macy’s Inc. is in really good shape. If we talk about where we were into the pandemic to where we are now, Macy’s came out in 2022 in much better financial shape, with much better operational agility, and very hungry to serve the customer. We are able to quickly pivot to where the customer is going. We have set up a series of growth vectors.
In an interview last fall, Gennette told WWD, “Our transformation really started two-and-a-half years ago, February 2020, at our investor day when we launched the Polaris strategy, and then the pandemic happened a month later. But Polaris has turned out to be this durable strategy that’s really helped to differentiate our business. Today we are just stronger, more agile, definitely financially healthier than before the pandemic.
Bloomies, the scaled-down brick-and-mortar version of Bloomingdale’s, has just two units operating and a third to open soon, and this fall, Bloomingdale’s is planning to integrate a marketplace into its website.
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