Macy's appoints Michaels CEO and Zipcar executive to its board of directors
Macy's, Inc., the renowned American department store chain, has strengthened its board of directors with the appointments of Ashley Buchanan and Tracey Zhen. These new additions come at a critical juncture for the company, which is in the midst of a turnaround effort that was disrupted by the pandemic.
Tracey Zhen, a seasoned professional with four years of experience at car-sharing company Zipcar, brings her expertise in global consumer technology and innovation to Macy's. On the other hand, Ashley Buchanan, who has led arts and crafts retailer Michaels since early 2020, has demonstrated her ability to lead a retail turnaround.
As Independent Directors at Macy's, both Zhen and Buchanan will contribute to strategic decisions and oversee the company's operations, ensuring they align with Macy's long-term goals and health. However, specific details about their direct impact on Macy's turnaround strategy during the pandemic are not yet available.
Prior to her role at Michaels, Buchanan spent more than a decade at Walmart, most notably as its chief merchant for e-commerce. Under her leadership, Michaels has introduced initiatives such as a revamped rewards system, a MichaelsPro program for makers, and concept stores. Her leadership at Michaels, partially due to the disappearance of a rival and the pandemic-induced boom in arts and crafts, has led to a successful retail turnaround.
Zhen, who oversees all facets of Zipcar's car-sharing business, will bring her unique insights to Macy's. Her appointment to Macy's board of directors was announced on Tuesday, along with that of Buchanan.
The appointments of Buchanan and Zhen bring Macy's board to 12 members. Macy's CEO Jeff Gennette has sought to assure investors that the company's "Polaris" strategy is working, while critics, such as Mark Cohen, director of retail studies at Columbia University's Graduate School of Business, question the effectiveness of the strategy and view the appointments as merely ticking boxes.
Macy's, like many retailers, faced significant challenges during the pandemic, including reduced foot traffic and increased competition from online retailers. The company's turnaround strategy likely involves a combination of cost-cutting measures, enhancing digital capabilities, and focusing on customer experience to remain competitive. While the roles of independent directors like Zhen and Buchanan are important, their specific contributions to these strategies are not detailed in the available information.
As Macy's continues its turnaround efforts, the contributions of Zhen and Buchanan will undoubtedly play a crucial role in shaping the company's future.
- Macy's, in its effort to reinvent itself after being disrupted by the pandemic, has appointed Tracey Zhen from the tech-driven car-sharing industry and Ashley Buchanan from the art and craft retail sector as Independent Directors.
- Tracey Zhen's expertise in global consumer technology and innovation, gained from her experience at Zipcar, is expected to aid Macy's in its digital transformation.
- On the other hand, Ashley Buchanan, who has demonstrated a knack for retail turnarounds, has shown effectiveness in introducing innovative initiatives like a revamped rewards system and concept stores at Michaels.
- The appointments of Ashley Buchanan and Tracey Zhen, representing different industries, signal Macy's intent to explore diverse strategies in its turnaround effort, including potential advancements in technology, finance, and retail.
