NEW YORK – After a nearly year-long apprenticeship, CEO-elect Tony Spring is now officially CEO of Macy’s Inc.
His predecessor, Jeff Gennette, will continue as chair of the company board until Macy’s 2024 annual meeting. At that time, Gennette will officially cap off his 40-year tenure with the company, and Spring will take over as board chair.
Spring is also a company veteran with more than three decades of service. When he was named corporate president and CEO-elect last March, he had been serving as the corporation’s executive vice president as well as Bloomingdale’s chairman and CEO. In that role, he led the Macy’s digital, customer, merchandising and brand teams while also overseeing Bloomingdale’s and Bluemercury.
From 1997-2005, Spring held senior leadership positions in marketing, e-commerce and stores. He was named president and CEO of Bloomingdale’s in 2008, then chairman and CEO for the up-market nameplate in 2014.
“Tony is the ideal CEO to build on our momentum and lead Macy’s Inc. into the future,” said Gennette. “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.”
Spring shared his vision growing Macy’s Inc. last November during the company’s Q3 analyst call. Merchandising will emphasize “variety versus redundancy,” he said, leveraging data science tools, including AI and machine learning, to drive more accurate and agile decision-making based on changes in consumer demand.
The new CEO takes up his duties at unsettled time. Macy’s Inc. laid off more than 2,000 employees last month, including 13% of its corporate staff. The company also finds itself in the crosshairs of a duo of activist investors seeking to take Macy’s Inc. private, possibly through a hostile takeover.
But Spring sounded an optimistic note in today’s announcement about his new position.
“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,” he said.