Jeff Gennette will step down from his position as Macy’s CEO in February 2024, the company announced in a press release on Wednesday.
“Serving Macy’s, Inc. over the past 40 years has been a privilege,” Gennette said in the release. He’s been at the company in one way or another, almost continuously, since 1983, per The New York Times.
Tony Spring, previously executive vice president of Macy’s as well as chairman and CEO of Bloomingdale’s, a subsidiary of Macy’s, will now be CEO-elect and president of Macy’s.
Gennette famously began at Macy’s in the early 1980s as an executive trainee. From there, he took on more authority, including division manager for men’s products, and held other executive roles before becoming CEO in 2017, per his company bio.
He said in an interview with the Wall Street Journal that data is key to his approach. “If you are relying on data, are obsessed with customers, and looking at the most granular level of detail then you will make better decisions,” he told the outlet.
Gennette led a major reset of the brand while it was facing lower sales and concerns over its ability to be successful in an online retail market, CNBC noted. He also helped the 164-year-old company get through the pandemic.
Gennette is also notable as one of four openly gay CEOs of a major U.S. company.
“Macy’s is in a really good position,” Gennette told the WSJ. “We came through the pandemic financially stronger, more agile and efficient.”