Departmental retailer, Macy's Inc. (M) recently announced changes to its management, as per which it named its former chief merchandising officer, Jeffrey Gennette as the company’s new president.
Gennette, who will take over immediately, has been serving the company in his former role since 2009. In his new role, he will supervise the company’s marketing and website related operations, apart from being in charge of Macy’s day-to-day merchandising activities.
Gennette, hailed as an ideal leader with knowledge and experience, will also oversee the company’s Private Brands organization. The private brands of the company will continue to hold significant importance with regard to providing quality and value to its consumers, as these give Macy’s a strong edge over its competitors.
Prior to being the chief merchandising officer, Gennette was Chief Executive Officer (CEO) and chairman of Macy’s West. Before that, from the end of 2005 to 2008 beginning, he served as the CEO and chairman of Macy's Northwest in Seattle, prior to which he was Macy’s West general merchandise manager apart from serving as the director of stores and executive vice president for Macy's Central in Atlanta and SVP.
Gennette, who graduated in English from Stanford University, joined Macy’s West in 1983 as an executive trainee. Simultaneously, he assumed several merchant and store management roles in that segment. Gennette’s illustrous career also includes his tenure at Broadway Stores and FAO Schwarz as director of stores and store manager, respectively.
However, in his new role, owing to the significant responsibilities, Gennette will provide a deep insight into the company’s overall marketing plans and merchandise range, including both online and physical stores. With this exposure and his tangible experience, he is likely to take Macy’s forward on its growth trajectory.
Recently, Rite Aid Corp. (RAD) also brought about management changes and named Dedra N. Castle as its new Executive Vice President and Chief Human Resources Officer, with the expectation that she will help the company achieve its long-term goals.
Macy’s currently holds a Zacks Rank #2 (Buy). Other players in the retail industry, which look attractive at current levels, include Bon-Ton Stores Inc. (BONT) with a Zacks Rank #1 (Strong Buy) and Spartan Stores Inc. (SPTN), with a Zacks Rank #2 (Buy).
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