Macy’s announced Michael Kranz as the brand new vice chairman tasked with running Macy’s Media Network. The retail ad network works with promoting partners across Macy’s and Bloomingdale’s, offering reach to the brands’ customers.
Kranz steps into the role following two years at Walmart’s retail ad network, Walmart Connect. His experience in ads and media also prolonged to work at Hearst and Condé Nast.
Macy’s is No. 17 in the Top 1000, which is Digital Commerce 360’s database rating North America’s largest online retailers by their annual web sales. Within the Top 1000, Digital Commerce 360 categorizes Macy’s as an Apparel/Accessories retailer.
Kranz’s latest role at Macy’s Media Network
“We’re excited to welcome Michael to Macy’s, Inc.,” said Max Magni, chief customer and digital officer at Macy’s, in a released statement. “He takes the reins of our growing retail media network bringing with him greater than 20 years of sales and marketing experience.”
The network is supposed to drive discovery for brands and products amongst Macy’s shoppers. In line with Macy’s, this content is personalized, leveraging insights from across categories on the retailer. Macy’s works with its partners to construct custom media plans for ads on its platform.
“Macy’s Media Network is considered one of retail’s premier platforms for advertisers helping them to attach with highly engaged customers across Macy’s and Bloomingdale’s, giving marketers a bunch of opportunities to more effectively leverage their media campaigns,” Magni stated.
Leadership change as challenges persist at Macy’s
Kranz’s arrival follows major changes at the highest of Macy’s exec team. Tony Spring took over as CEO on Feb. 4, replacing outgoing CEO Jeff Gennette. Gennette stays within the role of chairman on Macy’s board of directors, where he’ll proceed until Macy’s 2024 annual meeting.
The transition was planned and expected. Nonetheless, it got here after a rejected $5.8 billion takeover offer from Arkhouse Management and Brigade Capital Management in January. That supply was later increased to $6.6 billion in March. As well as, Arkhouse launched a proxy fight, nominating nine latest members to Macy’s board.
Macy’s has struggled with each in-store and online sales recently, with digital sales down 7% in its most up-to-date fiscal yr, which ended on Feb. 3. The retailer also announced plans to shut 50 of its stores by the tip of its fiscal 2024. It expects to shutter 150 stores by the tip of 2026.
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