Macy’s CEO Jeffrey Gennette, who helped reinvigorate the department store and led it through the tumultuous COVID-19 pandemic, announced that he's retiring next year. Gennette has been at the helm of Macy’s since 2017.
“Serving Macy’s, Inc. over the past 40 years has been a privilege. I’m proud of the exceptional work of our colleagues to strengthen Macy’s, Inc.,” Gennette said in a March 29 statement announcing his planned retirement. “We’ve done so during profound industry changes and economic challenges.”
What is Jeffrey Gennette’s net worth?
Gennette has spent his entire career with Macy’s. He joined the company in 1983 as a management trainee at Macy’s West in San Francisco. He moved up the ranks over the years and was named CEO in March 2017, replacing former CEO Terry Lundgren. A few months later, the company announced Gennette would also take over for Lundgren as Macy’s board chairman.
“Jeff has a proven track record as a successful retail operator, seasoned merchant and business leader and has contributed significantly to the company’s long history of success,” Lundgren said in a 2017 statement. “He has a deep knowledge of this company, coupled with the vision and determination to continue Macy’s transformation for the next generation.”
In his role as Macy’s CEO, Gennette launched a three-year strategy to address declining sales and position the company for growth. He announced his “Polaris” strategy in February 2020, just about one month before the COVID-19 pandemic shutdown. The plan included closing about 125 stores and exploring smaller, "off-mall" locations.
The strategy seemed to pay off. CNBC reports that Macy’s came through the pandemic with fewer stores, a smaller workforce, and less debt.
Macy's CEO and Board Chairman
Net worth: $37.5 Million
Jeffrey Gennette has spent almost 40 years working for Macy's, starting as a management trainee in 1983 and working his way up to CEO. Gennette recently announced that he will step down next year.
Alma mater: Stanford University
Relationship status: Married
Where does Jeff Gennette live?
Gennette lives in New York with his husband. The couple has been married since 2011, and they have a 23-year-old daughter together, The Wall Street Journal reports.
Gennette is one of only four Fortune 500 CEOs that are openly gay. He reportedly came out to his Macy’s coworkers on his first day on the job back in 1983 when he was just 21.
“There were definitely a couple of times when it was made known to me that it could be a deterrent in my career by being openly gay. There weren’t many people who were. Certainly not in the ranks above me,” Gennette told the WSJ.
Who will replace Jeffrey Gennette?
Bloomingdale’s CEO Tony Spring will take over as Macy’s president and CEO-elect now until Gennette retires in February 2024. Spring will also continue to oversee Bloomingdale’s and Bluemercury beauty stores, both of which fall under the Macy’s umbrella.
“Tony consistently innovates for the customer, is an exceptional brand builder and an excellent talent developer who has strengthened our culture through his leadership,” Gennette said in a statement.