What: Macy’s chairman and CEO will retire in February, making the current CEO of Bloomingdale’s, Tony Spring, Macy’s Inc. president and CEO-elect, with a search for the next Bloomingdale’s CEO underway.

Why it is important: Gennette’s retirement has triggered a string of top-level management changes and comes as a surprise as he is younger than the typical retirement age.

Despite Macy’s recent financial results, the CEO is credited for changing the industry’s perception of the retailer for the better and successfully navigating Macy’s through many challenges.

Tony Spring has become Macy’s Inc. president, a role that has been vacant since December 2019. This will make him responsible for the corporation’s digital, customer, merchandising and brand teams, while also overseeing the Bloomingdale’s and Bluemercury divisions and becoming CEO of the group upon Genette’s retirement next February.

Macy’s chief financial officer, Adrian Mitchell, will also be taking on an additional role as chief operating officer, leading store operations, technology, and supply chain teams while continuing his responsibilities with finance and real estate.

Macy’s Jeff Gennette sets retirement date; Tony Spring moving up