New York
CNN
—
One of the highest profile jobs in retail will change hands next year.
Macy’s
(M) CEO Jeff Gennette will retire in 2024, the company announced Wednesday.
Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon
(AMZN), the Covid-19 pandemic, and industry upheaval. Under Gennette, Macy’s most notably built out its online platform and shifted away from malls.
Macy’s is no longer the dominant force in American shopping as it was during the 20th century. The department store format has faded in favor of online shopping, big box chains like Target
(TGT), and discount clothing chains such as TJ Maxx.
But Macy’s has outperformed Kohl’s
(KSS), Nordstrom
(JWN) and other department store peers in recent years, while Sears, JCPenney and Neiman Marcus have filed for bankruptcy.
Gennette will be replaced next year by Bloomingdale’s CEO Tony Spring. (Macy’s owns Bloomingdale’s.)
This is a breaking news story and will be updated.
