Macy’s (NYSE:M) stock is a hot topic among traders on Wednesday as the company reveals succession plans for its new CEO.
This succession plan comes as current Macy’s CEO Jeff Gennette plans to retire from the company in February 2024. Replacing Gennette is Tony Spring, the current Executive Vice President of Macy’s as well as the chairman and CEO of Bloomingdale’s.
With this change, Spring has been named the President and CEO-elect of Macy’s. He has also been added to the company’s Board of Directors. Gennette will be working alongside Spring until his departure to ensure a smooth transition.
Spring said the following in the press release announcing the succession plan:
“Having worked closely with Jeff throughout our transformation, I see tremendous opportunity to build upon the storied reputation of each of our nameplates. We are further strengthening relationships with our customers through compelling merchandise, partnering with the best brands, and delivering great shopping experiences.”
Macy’s Is Making More Leadership Changes
Macy’s also announced that Chief Financial Officer Adrian Mitchell is taking on additional duties at the company. This will see Mitchell handle Chief Operating Officer responsibilities at the company. The CFO will also work with Gennette and Spring to prepare for the CEO succession.
Investors don’t seem to be excited about losing the current Macy’s CEO. As a result, M stock is down 1.4% as of Wednesday morning.
Traders seeking out more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.