Macy's, Inc. has appointed Robert Chavez, a seasoned professional with over 45 years of experience in the retail industry, to its board of directors. Chavez, who has a strong background in the luxury retail space, most recently served as president and CEO of Hermès Americas, overseeing operations in the U.S., Canada, and Latin America. His appointment is aimed at bringing additional retail industry and leadership experience to the board as Macy's seeks to capture market share across its various businesses.
In addition to Chavez's appointment, Macy's, Inc. also announced that Sara Levinson will not stand for reelection at the company's 2025 annual meeting of shareholders, in accordance with the mandatory retirement age of the board's corporate governance principles. Levinson has been a part of the board's compensation & management development committee and nominating & corporate governance committee since 2004.
Chavez's appointment comes as part of the company's commitment to ongoing director refreshment, with the aim of complementing the skills and expertise of existing directors. Macy's, Inc. expressed gratitude for Levinson's contributions throughout her tenure as a director.
Chavez expressed his honor in joining the Macy's, Inc. board and emphasized his passion for the retail industry, stating his eagerness to collaborate with fellow directors to harness growth opportunities across Macy's, Bloomingdale's, and Bluemercury for the benefit of all stakeholders.
The company's comprehensive digital and nationwide footprint empowers it to deliver a seamless shopping experience for its customers.
These developments suggest a strategic shift in Macy's, Inc.'s board composition, aiming to leverage Chavez's expertise to drive sustainable, profitable growth and enhance shareholder value across its retail businesses. Following these announcements, the company's shares moved -2.3%, and are now trading at a price of $16.43. Check out the company's full 8-K submission here.
