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Key takeaways
- Bloomingdale’s has named its new CEO, Frenchman Olivier Bron, to take over from Tony Spring
- Spring will move into a new role as parent company Macy’s CEO, with Jeff Gennette set to retire next year
- Macy’s stock climbed as much as 2% at the new CEO news – the share price has cratered 42.5% so far this year
Macy’s-owned Bloomingdale’s has tapped Frenchman Olivier Bron to be its next CEO after a changing of the guard at the parent company. The move comes as Bloomingdale’s has suffered falling sales and footfall thanks to the macroeconomic environment, which is seeing the retail sector struggle for its life.
The move breaks a decades-long chain of hiring internally for Bloomingdale’s CEOs, so perhaps the luxury department store is looking to switch things up with this latest executive hire. With the global luxury market only gaining momentum in the post-pandemic era despite the rest of retail slowing down, an international CEO makes a lot of sense.
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