Macy’s CEO Gennette Bows Out After Seven Years, Stock Price Tumbles

Macy’s Inc. stock fell 2.1% in premarket trading Wednesday after the department store chain announced that Chief Executive Jeff Gennette will be retiring from his role after nearly seven years of service.
Gennette has served as CEO since 2017 and previously held several executive roles at Macy’s including President and Chief Merchandising Officer, where he was responsible for overseeing product design and development across all categories of merchandise sold by Macy’s stores nationwide.

During his tenure as CEO, Gennette led the company through a period of significant transformation with initiatives such as expanding its digital presence to drive growth in e-commerce sales; launching new private label brands; increasing customer loyalty programs; strengthening omnichannel capabilities; modernizing stores with innovative technology solutions like virtual reality shopping experiences; and improving operational efficiency through cost reduction measures while investing in key areas, such as supply chain modernization to support future growth opportunities.

The board is now searching for a successor who can build on these successes while continuing to navigate the challenges presented by today’s retail landscape – an environment that has been further complicated by the pandemic over the past year or so – which have caused many retailers to struggle financially due to decreased consumer spending power resulting from widespread economic disruption across numerous industries worldwide.