Macy's announced on Wednesday that CEO Jeff Gennette will retire in February 2024 after serving the company for 40 years.

Gennette, 61, will be succeeded by Tony Spring, the current chief executive of Macy's-owned Bloomingdale's.

"Serving Macy’s, Inc. over the past 40 years has been a privilege," Gennette said in a statement. "I’m proud of the exceptional work of our colleagues to strengthen Macy’s, Inc. by successfully executing our winning Polaris strategy. We’ve done so during profound industry changes and economic challenges."

Spring, 58, has spent 36 years at Bloomingdale’s. He will also assume the role of Macy's president and will be responsible for leading the company's digital, customer, merchandising and brand teams, and will oversee Bloomingdale's and Bluemercury.

"Having worked closely with Jeff throughout our transformation, I see tremendous opportunity to build upon the storied reputation of each of our nameplates," Spring said in a statement. "We are further strengthening relationships with our customers through compelling merchandise, partnering with the best brands, and delivering great shopping experiences."

Macy's also announced on Wednesday that current Chief Financial Officer Adrian Mitchell will expand his role to include the responsibilities of chief operating officer.

Gennette will work side-by-side with Spring and Mitchell until February 2024, the company said.