In a move that caught the industry by surprise, the highly-respected chief executive of Macy's Inc. plans to step down early next year. The nation's largest department retailer said that chairman and CEO Jeff Gennette, 61, o ne of the retail industry's most high-profile executives, will retire in February 2024, after 40 years with the company. Gennette who was tapped as CEO in 2017, is credited with re-energizing the almost 165-year-old iconic retailer. In February 2020, he launched a three-year turnaound initiative, called Polaris, that included an increased focus on digital growth, the closure of underperforming stores and the opening of smaller, off-mall stores. Gennette's upcoming retirement generated two management changes, including the appointment of Tony Spring, 58, chairman and CEO of the company's luxury Bloomingdale's division, as president of Macy's Inc. and CEO-elect.