\nTony Spring<\/p>\n
Courtesy of Macy’s Inc.<\/p>\n
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When Spring took over as CEO of Macy\u2019s Inc. in February, the move officially completed a planned leadership transition that was announced in March 2023, nearly a year earlier. Spring succeeded Jeff Gennette, who had held the role since 2017 and retired after 40 years with the company.<\/p>\n
Before his ascension to CEO, Spring held various roles within the company\u2019s Bloomingdale\u2019s segment for about 36 years. As CEO, he now leads a company with about 720 stores under three main banners as of August. They are Macy\u2019s, Bloomingdales and beauty brand Bluemercury, which is marking its 25th anniversary this year.<\/p>\n
Right from the start, Spring has confronted some big business challenges. First, about a month after becoming CEO, Spring said closing 150 stores was essential to the company\u2019s survival. The banner\u2019s footprint, he said, was too big and built for a different era. He said the company plans to push forward with closing the stores over the next three years.<\/p>\n
Spring has also battled with activist investors since taking over. Late last year, Arkhouse Management and Brigade Capital Management put a $5.8 billion offer on the table to take the department store company private. Macy\u2019s rejected it. Arkhouse and Brigade came back with a nearly $7 billion offer. Macy\u2019s ended the takeover talks in July, citing insufficient information on how the deal would be financed and the fact that some of the financing terms would have been tied to the company\u2019s real estate.\u00a0<\/p>\n
Despite those challenges, Spring expressed confidence in Macy\u2019s place in the retail world during a recent Goldman Sachs global retailing conference.<\/p>\n
\u201cThere are fewer players in our space,\u201d Spring said, according to a transcript. \u201cWe’re going to have a healthier business. It’s going to be an assisted-selling business at Macy’s. It’s going to be a full selling experience at Bloomingdale’s and Bluemercury. And there are plenty of customers who don’t want to buy all of their products in off-price and mass.\u201d<\/p>\n
Elliott Hill, Nike<\/h3>\n Nike announced Sept. 19 that Elliott Hill would replace John Donahoe as CEO on Oct. 14.\u00a0<\/p>\n
Hill was Nike\u2019s president of consumer and marketplace when he retired in 2020 after 32 years with the company. In that role, he led all commercial and marketing operations for Nike and the Jordan brand. During his first run with Nike, Hill also held various senior leadership positions across Europe and North America.\u00a0<\/p>\n\nIn a statement, Hill said Nike has \u201calways been a core part\u201d of his identity and that he looked forward to reconnecting with the company\u2019s employees and trusted partners while also building new relationships.\u00a0<\/p>\n
The CEO change came as performance at the global footwear and sportswear brand has been soft and uneven. Revenue was up just 0.3% for the most recent fiscal year at $51.4 billion, while Q4 revenue fell 2% to $12.6 billion.<\/p>\n
Donahoe acknowledged the issues and pledged to get back on track by focusing less on direct-to-consumer sales and more on wholesale and product innovation. Donahoe will stay with the company in an advisory role through early next year.<\/p>\n
During an earnings call in June, Donahoe described fiscal year 2025 as a transition year for the business, adding that Nike was \u201cmaking a series of adjustments to position us to compete and win.\u201d Those changes included sharpening its focus on sports, accelerating the pace of newness and innovation, and bolder storytelling, according to a call transcript. Donahoe also said Nike was working to fuel its brand distinction to better place itself in the path of consumers.<\/p>\n
Joel Anderson, Petco<\/h3>\n\n\n
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\nJoel Anderson<\/p>\n
Courtesy of Petco<\/p>\n
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After nearly 10 years of leading tween and teen-focused discount retailer Five Below, CEO Joel Anderson unexpectedly resigned from Five Below on July 16 \u201cto pursue other interests,\u201d according to a company press release.\u00a0<\/p>\n
His exit followed a time of soft earnings. Just ahead of Anderson\u2019s departure, Five Below reported a Q1 year-over-year net sales rise of nearly 12% to $812 million. But comparable sales for the quarter fell 2.3% versus the prior year.<\/p>\n\nTwo days after Anderson\u2019s departure from Five Below became public, Petco announced that he would join that company as its CEO, effective July 29. Anderson replaced Mike Mohan, who had been serving as Petco\u2019s interim CEO since March after former head Ron Coughlin left his position after six years.\u00a0<\/p>\n
During his final earnings call at Five Below, Anderson said the retailer\u2019s core customer was prioritizing needs over wants, which had a major impact on performance in the first quarter, leading the company to adopt an offensive position. Still, Anderson added, Five Below planned to continue its store growth plans.<\/p>\n
In contrast, for the quarter ended Aug. 3, Petco reported net revenue of $1.52 billion, which was nearly flat year over year and a comp sales rise of 0.3% from the prior year. During his first earnings call as head of that retailer, Anderson shared why he joined the company.<\/p>\n
He described Petco as \u201can incredible brand which sits at a critical juncture,\u201d according to a call transcript. \u201cWhile we maintain a differentiated proposition within the resilient pet category, a category which is expected to reach $200 billion in sales within five years, there are clear opportunities to significantly improve our operating and financial performance.\u201d<\/p>\n
Hillary Super, Victoria\u2019s Secret<\/h3>\n After just over a year as head of intimates and accessories brand Savage x Fenty, Hillary Super left that company on Sept. 9 to become CEO of Victoria\u2019s Secret & Co. Super replaced Martin Waters, who was terminated after about three years in the position. His departure was \u201cnot the result of any dispute or disagreement with the company,\u201d according to a regulatory filing with the U.S. Securities and Exchange Commission.<\/p>\n
In addition to its namesake brand, the company\u2019s portfolio includes lifestyle loungewear brand Pink and Adore Me.<\/p>\n
\u201cThe strength of these iconic brands, supplemented by an incredible beauty business, provides numerous opportunities for future growth,\u201d Super said in a statement.<\/p>\n
Super said her vision for Victoria\u2019s Secret & Co. includes making the company the world\u2019s leading fashion retailer of intimate apparel, expanding its cultural influence and creating a dominant global market position to grow shareholder value.<\/p>\n
In the same statement, Waters said he was proud of the company\u2019s accomplishments during his tenure. They included international expansion, enhanced operational efficiency and improvements to the company culture.<\/p>\n
Victoria\u2019s Secret swung to a profit in Q2 from a year-over-year net loss of $872,000. The company also reported net sales of about $1.4 billion, a decline of 1% from the prior year. Total comps also fell 3% during the quarter.\u00a0The company raised its guidance during its Q2 earnings report. It expects fiscal year 2024 net sales to be down about 1%, versus earlier guidance of a low-single-digit decline.<\/p>\n
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