Macy’s said Wednesday that Jeff Gennette, chairman and chief executive officer, will retire next February after a 40-year run at the retailer.
Tony Spring, Macy’s executive vice president and Bloomingdale’s chairman and CEO, has been appointed to the role as president and CEO-elect and member of the board. The company also said Adrian Mitchell, chief financial officer, has been named chief operating officer.
Gennette will work with both leaders until February “to ensure a smooth transition,” Macy’s said in a press release.
Shares of Macy’s (ticker: M) were sliding 1.3% in premarket trading. The stock has tumbled about 16% in 2023, and more than 32% over the past year.
Though the company beat earnings expectations in its fourth quarter, Macy’s still reported a same-store sale decline, and added it expects comparable-store sales to fall between 2% and 4% in the current fiscal year.
Macy’s has been reducing inventory levels, but said it would still be grappling with some overhangs during the first quarter that could cause gross margin to contract up to 0.2 percentage points.