Jeff Gennette (born in 1962, Age: 61 years old) is an American businessman and the chairman and chief executive officer of Macy’s, Inc., one of the largest department store chains in the United States and the world.
He has been leading the company since 2017, overseeing its transformation and growth in the retail industry. He is also a devoted husband and father, who has been married to his partner Geoff Welch for over 30 years and has two children.
Early Life and Education
Gennette was born in 1962 in San Diego, California, and grew up in a suburb of the city called El Cajon. He was the youngest of four siblings, and his parents were both educators. His mother was a nursing instructor and his father was a history teacher. He developed a passion for reading and learning at an early age and also showed an interest in business and fashion.
He attended Stanford University, where he majored in English and graduated in 1983. He initially planned to go to business school after working for a year and a half, but he changed his mind after getting a job at Macy’s as part of its executive training program. He was impressed by the company’s culture and opportunities and decided to pursue a career in retail.
Jeff Gennette Wiki/Bio
| Name | Jeff Gennette |
| Date of birth | 1962 |
| Place of birth | San Diego, California, United States |
| Occupation | Chairman and CEO of Macy’s, Inc. |
| Spouse | Geoff Welch |
| Children | Jack and Kate |
| Net worth | $25 million (as of November 2023) |
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| jeffgennette | |
| Homepage | newsunzip.com |
Career at Macy’s
Jeff started his career at Macy’s as a sales manager at the Stanford store in 1983. He quickly rose through the ranks, holding various positions in merchandising, marketing, and store management. He also worked for other retailers, such as FAO Schwarz and Broadway Stores, Inc., before returning to Macy’s in 1994.
He became the executive vice president and director of stores at Macy’s Central in Atlanta in 2004, and then the chairman and CEO of Macy’s Northwest in Seattle in 2006. He moved back to New York in 2008, where he served as the chairman and CEO of Macy’s West, the chief merchandising officer of Macy’s, Inc., and the president of Macy’s, Inc.
In 2017, he was appointed as the chairman and CEO of Macy’s, Inc., succeeding Terry Lundgren, who retired after 14 years in the role. As the leader of the company, he has been responsible for its strategic vision, financial performance, and customer experience. He has also been instrumental in driving its digital transformation, omnichannel integration, and innovation initiatives. Under his leadership, Macy’s has achieved several milestones, such as:
- Launching Macy’s Backstage, a store-within-store concept that offers off-price merchandise and a curated assortment of products.
- Expanding Macy’s Star Rewards, a loyalty program that rewards customers with discounts, perks, and experiences.
- Acquiring STORY, a retail concept that changes its theme, merchandise, and design every few months, and integrating it into select Macy’s stores.
- Partnering with thredUP, the world’s largest online consignment and thrift store, to offer secondhand fashion items at select Macy’s locations.
- Developing Macy’s Media Network, a platform that connects brands with customers through data-driven advertising solutions across Macy’s digital and physical channels.
- Enhancing Macy’s e-commerce capabilities, such as offering same-day delivery, curbside pickup, and mobile checkout.
- Investing in technology and talent, such as acquiring Polymorph Labs, a startup that provides a scalable, high-performance native advertising platform, and hiring Nata Dvir as the chief merchandising officer of Macy’s.
Personal Life, Spouse & Kids
Gennette is married to Geoff Welch, a retired graphics producer who worked for NBC News and MSNBC. They met in 1988 at a Macy’s store in San Francisco, where Welch was a customer and Gennette was a store manager. They have been together for over 30 years, and have two children: a son named Jack and a daughter named Kate.
They live in New York City and also have a home in Palm Springs, California. They are avid travelers, art collectors, and philanthropists, who support causes such as education, health, and LGBTQ+ rights.
Gennette and Geoff Welch were honored as the Father of the Year awardees in 2023, by the National Father’s Day Council, for their exemplary roles as fathers and leaders. They received the award alongside actor Matthew Broderick and sports broadcaster Michael Kay, at a luncheon that benefited Save the Children’s U.S. Programs and Advocacy.
Philanthropy
Gennette and Welch are active supporters of various causes and organizations, especially those related to education, health, and LGBTQ+ rights. They have donated to and volunteered for Save the Children, The Trevor Project, GLSEN, GLAAD, and The Ali Forney Center, among others. They have also been honored by the National Father’s Day Council as the Fathers of the Year in 2023, along with actor Matthew Broderick and sportscaster Michael Kay.
Gennette is also involved in several professional and civic associations, such as the National Retail Federation, the Stanford Alumni Association, and the Partnership for New York City. He serves on the boards of directors of Carnegie Hall, the Retail Industry Leaders Association, and the American Apparel and Footwear Association.
Net Worth and Salary
According to Forbes, Jeff Gennette’s net worth as of November 2023 is estimated to be $25 million. He earned $11.1 million in total compensation in 2020, which included a base salary of $1.3 million, a bonus of $1.6 million, stock awards of $6.8 million, and other benefits of $1.4 million. He also owns 1,074,762 shares of Macy’s, Inc., which are worth $28.7 million as of November 25, 2023.
How Macy’s CEO Jeff Gennette is leading the retail giant’s transformation in the digital age
Macy’s, the largest department store chain in the U.S., has faced many challenges in recent years, such as the rise of online competitors, changing consumer preferences, and the impact of the COVID-19 pandemic. However, under the leadership of Jeff, who became the CEO in 2017 and plans to retire in 2024, the company has embarked on a bold transformation strategy that aims to revitalize its brand, enhance its omnichannel capabilities, and leverage artificial intelligence (AI) to improve its operations and customer experience.
The Polaris strategy: a roadmap for growth and profitability
In February 2020, Macy’s announced its Polaris strategy, a five-point plan to stabilize its profitability and position the company for growth. The five points are:
- Strengthen customer relationships: Macy’s aims to attract and retain loyal customers by offering them personalized and relevant experiences across all channels, such as online, in-store, and mobile. The company also plans to expand its loyalty program, enhance its private brands, and launch new services and partnerships.
- Curate quality fashion: Macy’s wants to differentiate itself from its competitors by offering customers a curated assortment of quality fashion products that reflect their style and preferences. The company intends to optimize its merchandise mix, reduce its inventory, and accelerate its speed to market.
- Accelerate digital growth: Macy’s recognizes the importance of e-commerce as a key driver of its future growth. The company plans to invest in its digital platforms, improve its online fulfillment and delivery, and increase its online customer base. The company also aims to integrate its online and offline channels to create a seamless omnichannel experience for its customers.
- Optimize store portfolio: Macy’s plans to rationalize its store footprint by closing underperforming stores and opening smaller off-mall stores that offer more convenience and services to customers. The company also intends to enhance its flagship and magnet stores by adding new features and amenities that attract more traffic and sales.
- Drive productivity: Macy’s strives to improve its operational efficiency and profitability by reducing its costs, simplifying its organizational structure, and streamlining its processes. The company also plans to leverage technology and data to optimize its decision-making and performance.
Jeff Gennette is an American businessman and the chairman and CEO of Macy’s, Inc., one of the largest department store chains in the United States and the world. He has been leading the company since 2017, overseeing its transformation and growth in the retail industry. He is also a devoted husband and father, who has been married to his partner Geoff Welch for over 30 years and has two children. He is a passionate reader, learner, and philanthropist, who supports various causes and organizations related to education, health, and LGBTQ+ rights.
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