M Stock Alert: What to Know as Macy’s Announces CEO Succession Plan


  • Macy’s (M) stock is on the move Wednesday after announcing a CEO succession plan.
  • This comes as current CEO Jeff Gennette prepares to retire next year.
  • Taking his place is Executive Vice President Tony Spring.
M Stock - M Stock Alert: What to Know as Macy’s Announces CEO Succession Plan

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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!

We’ve got all of the hottest stock stories traders need to know about on Wednesday! Among that is why shares of AMC (NYSE:AMC), Shift Technologies (NASDAQ:SFT) and Draganfly (NASDAQ:DPRO) stock are on the move this morning. You can catch up on all of that at the links below!

More Wednesday Stock Market News

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/m-stock-alert-what-to-know-as-macys-announces-ceo-succession-plan/.

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