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Spring, who is the chairman and CEO of Macy’s (NYSE:M) unit Bloomingdale’s has been with the company for 36 years. He was named as a successor to Gennette after an internal and external search, Macy’s said.
Gennette, 61, has been the head of the company since 2017, and was credited with turning the business around at a time when department stores were facing sagging sales due to increasing online competition.
Macy’s said as part of the leadership transition, Chief Financial Officer Adrian Mitchell’s responsibilities have been expanded to include the role of chief operating officer.
Shares of the department store chain fell about 2% in premarket trading.
