News: Jeff Gennette holds a prominent position in the retail sector, earning recognition as a highly influential figure. Serving as both Chairman and CEO of Macy’s, he has been instrumental in guiding the company through difficult periods and leaving a substantial mark on its financial trajectory. This article will examine Jeff Gennette’s net worth and investigate the key elements contributing to his exceptional achievements.
Jeff Gennette’s Net Worth
As of July 9, 2023, Jeffrey Gennette boasts a minimum estimated net worth of $37.1 million. This figure takes into account his ownership of 136,689 units of Macy’s Inc. stock, currently valued at $14,481,065. Over the past 15 years, he has also realized substantial gains by selling Macy’s stock, amassing a total of $12,318,162 from these sales. In his capacity as Chairman of the Board and CEO of Macy’s Inc., Mr. Gennette commands an annual salary of $10,308,800.
Active Involvement in Trading Macy’s Inc. Shares
Jeffrey Gennette’s active involvement in trading Macy’s Inc. shares is well-documented through multiple transactions dating back to 2011, as reported in Form 4 filings with the SEC. On July 9, 2023, Gennette exercised 136,689 units of Macy’s Inc. stock, amounting to a total value of $2,028,465. Notably, his most substantial trade occurred on February 24, 2012, when he exercised 156,221 units of Macy’s Inc. stock, totaling a significant sum of over $5,778,615. On average, Gennette engages in trades involving approximately 28,262 units of Macy’s Inc. stock every 87 days. As of July 9, 2023, he continues to maintain ownership of at least 975,813 units of Macy’s Inc. stock.
Early Life and Education
Born in the year 1962, Jeff Gennette is a United States citizen who has reached the age of 61. He spent his formative years in San Diego, California, where he was raised by parents who were professionals in their own right—a nursing educator and a history teacher. Although his full educational history remains relatively private, it is clear that he received a well-rounded education. Following his high school graduation, he pursued higher education at Stanford University.
Career in the Retail Industry
Jeff Gennette’s foray into the retail industry commenced at the young age of 16 when he took on a job at a local establishment specializing in the sale of mopeds. After successfully graduating from Stanford University, he embarked on his professional journey, securing part-time employment while also interviewing with various companies. Among these, Macy’s identified his promise and admitted him into their executive training program. During his initial years at Macy’s, Gennette assumed responsibilities in sales and steadily ascended the corporate hierarchy.
Return to Macy’s and Rise to Prominence
Over the course of his career, Gennette temporarily departed from Macy’s to explore other roles, including a stint as a store manager at FAO Schwarz and as the director of stores at Broadway Stores, Inc. Nevertheless, his path led him back to Macy’s, where he embraced roles with growing levels of responsibility. In 2004, he assumed the position of store director and executive vice president at Macy’s Centre in Atlanta. Four years later, in 2008, he took on the mantle of chairman and CEO of Macy’s Northwest in Seattle. Upon returning from his tenure in the Northwest, he was appointed as chairman and CEO of Macy’s West.
Retirement and Legacy
Despite his long-standing association with Macy’s, Jeff Gennette is scheduled to retire in February 2024, as officially confirmed by the company. Taking the helm as the new CEO will be Tony Spring. Gennette originally joined Macy’s in 2017 during a challenging period marked by declining sales attributed to the growing prominence of online shopping. He devoted his energies to rejuvenating the company and reinstating its former status and success.
Personal Life
Jeff Gennette is widely recognized for his penchant for privacy when it comes to his personal life. He seldom divulges information about his personal relationships. There have been unconfirmed rumors suggesting that he is married to a man and that they have a daughter. However, the identities of his family members have not been publicly disclosed.
Jeff Gennette’s impressive net worth of $37.1 million stands as a testament to his remarkable career in the retail sector. His strategic acumen and leadership within Macy’s have been pivotal in driving his financial achievements. His path, which began with part-time work, culminated in his ascent to the positions of Chairman and CEO of a retail powerhouse. Gennette’s journey serves as an embodiment of determination and strategic brilliance. As he approaches retirement in February 2024, his legacy encompasses revitalized sales and a lasting imprint on the retail industry.
Frequently Asked Questions (FAQs)
1. What amount of wealth does Jeff Gennette presently possess?
Jeff Gennette’s current wealth is estimated at $37.1 million.
2. What is the duration of Jeff Gennette’s tenure at Macy’s?
Jeff Gennette commenced his tenure at Macy’s in 2017 and has remained with the company for a number of years.
3. Who is slated to take over as CEO of Macy’s following Jeff Gennette’s retirement?
Tony Spring is positioned to assume the role of Macy’s CEO once Jeff Gennette retires in February 2024.
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