Shares of Macy’s Inc. M fell 2.1% toward a six-month low in premarket trading Wednesday, after the department store chain said Chief Executive Jeff Gennette plans to retire at the end of the fiscal year, after nearly seven years in the role and 40 years with the company. The company named Tony Spring, currently executive vice president and CEO of the company’s Bloomingdale’s business, as CEO-elect, effectively immediately. The company expects to name Spring CEO of Macy’s in February 2024. Separately, the company said Chief Financial Officer Adrian Mitchell has also been appointed chief operating officer. Macy’s stock has dropped 15.6% over the past three months through Tuesday, while the SPDR S&P Retail exchange-traded fund XRT has gained 1.1% and the S&P 500 SPX has tacked on 3.2%.
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