What: Tony Spring officially becomes CEO of Macy’s Inc., taking over from Jeff Gennette.

Why it is important: Spring's leadership transition comes at a critical time for Macy's, as the retailer navigates a take-private offer and strategizes on changes to its department store fleet, highlighting the significant challenges and decisions ahead in steering the company towards growth and innovation.

Tony Spring, with a 36-year tenure at Bloomingdale’s, ascends to the role of CEO at Macy’s Inc., succeeding Jeff Gennette. Spring's leadership comes as Macy's faces several pivotal challenges, including a rejected $5.8 billion take-private offer and the need to adapt its retail strategy amidst a changing consumer landscape. Spring's focus will be on driving innovation, fostering profitable growth, and enhancing Macy's position as a trusted source for quality brands. His approach to these challenges, including decisions on store portfolio adjustments and omnichannel investments, will be crucial for Macy's future trajectory. As Spring prepares to lead Macy's, the retailer's response to ongoing investor pressures and its strategy to navigate a slow consumer spending environment will be closely watched.

New Macy’s CEO Tony Spring takes over