Appointment Will Enhance the Board’s Expertise
in Real Estate
Macy’s, Inc. (NYSE: M) today announced the nomination of Douglas
W. Sesler, Founder and President of Fair Street Partners, to stand
for election to the Company’s Board of Directors (the “Board”) at
the 2024 Annual Meeting of Shareholders (the “Annual Meeting”).
Sesler is a seasoned real estate industry executive with more
than 35 years of experience across real estate advisory, investing
and finance. In 2021, he founded Fair Street Partners, a private
real estate investment and development platform, where he currently
serves as President, actively investing in real estate
developments, including conversion of retail real estate for
alternative use, and acts as a financial advisor related to real
estate investments and restructurings. Previously, he served as
Head of Real Estate for Macy’s, Inc., where he was responsible for
the Company’s real estate portfolio totaling over 100 million
square feet and the monetization and development of over $2 billion
of real estate. Sesler also held various leadership roles at True
Square Capital, Bank of America Merrill Lynch, including head of
global real estate principal investments and co-head of real estate
investment banking, Citigroup, including managing director of
global real estate investment banking, Travelers Realty Investment
Company and Chemical Bank (now J.P. Morgan).
“Doug will bring to our Board a unique combination of experience
at real estate investment and financial services firms, along with
an intimate understanding of our company and its real estate
assets,” said Tony Spring, chief executive officer and
chairman-elect of Macy’s, Inc. “He has a long track record of
success in leading and implementing value-generating real estate
portfolio management strategies and transactions. I am confident
Doug’s skill sets will complement those of our other directors and
advance our efforts to unlock value for our shareholders as we
advance A Bold New Chapter strategy.”
Sesler commented, “I’m excited about the prospect of joining the
Macy’s, Inc. Board as the company embarks on its new strategy. I
have great appreciation for the company’s efforts to deliver a
preeminent shopping experience to its customers across all three
nameplates while taking action to accelerate growth and enhance
shareholder value. I look forward to working alongside the
company’s other directors and leadership team in driving Macy’s,
Inc. to a brighter future.”
The company today also announced that Francis S. Blake, who has
served on the Board since 2015, will not stand for reelection at
the Annual Meeting, in accordance with the mandatory retirement age
of the Board’s Corporate Governance Principles. Blake has chaired
the Board’s Compensation and Management Development Committee and
has served as Chair of the Board’s Finance Committee since 2021. He
previously served on the Board’s Nominating and Corporate
Governance Committee.
“On behalf of my fellow directors, I want to thank Frank for his
important contributions to Macy’s, Inc. over the past eight years,”
said Paul Varga, Macy’s, Inc. lead independent director. “Board
refreshment is an important component of our corporate governance
framework, and we look forward to adding Doug’s real estate
expertise and knowledge of Macy’s, Inc.’s business to the already
diverse experience currently represented on our Board. We are
confident his perspectives will be an asset as the company
continues its efforts to deliver sustainable, profitable
growth.”
About Douglas W. Sesler
Douglas W. Sesler, 62, is the founder and president of Fair
Street Partners, a private real estate investment and development
platform. Before that, Sesler served as Head of Real Estate for
Macy’s, Inc. from 2016 to 2021, where he was responsible for the
Company’s real estate portfolio totaling over 100 million square
feet and the monetization and development of over $2 billion of
real estate. Prior to joining Macy’s, Inc., Sesler was president of
True Square Capital, a real estate investment and advisory firm,
from 2011 to 2016. Sesler held various roles at Bank of America
Merrill Lynch from 2005 to 2011, including co-head of global real
estate principal investments managing an $8 billion portfolio of
opportunistic real estate for the firm’s balance sheet and for
third party fund investors. Earlier in his career, Sesler held
leadership roles at Citigroup, including managing director of the
global real estate investment bank group, Travelers Realty
Investment Company and Chemical Bank (now J.P. Morgan). Sesler has
served on the board of Urban Edge Properties, a NYSE-listed real
estate investment trust, since 2020. He also serves on the Advisory
Board of Hodes Weil & Associates, a real estate focused capital
advisory firm, and has been a member of The Real Estate Roundtable,
The Urban Land Institute, NAREIT, and the ICSC. Sesler earned a
bachelor’s degree in government from Cornell University.
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is a trusted source for quality brands
through our iconic nameplates – Macy’s, Bloomingdale’s and
Bluemercury. Headquartered in New York City, our comprehensive
digital and nationwide footprint empowers us to deliver a seamless
shopping experience for our customers. For more information, visit
macysinc.com.
Forward-Looking Statements
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s, Inc.’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including Macy’s,
Inc.’s ability to successfully implement A Bold New Chapter
strategy, including the ability to realize the anticipated benefits
within the expected timeframe or at all, conditions to, or changes
in the timing of proposed real estate and other transactions,
prevailing interest rates and non-recurring charges, the effect of
potential changes to trade policies, store closings, competitive
pressures from specialty stores, general merchandise stores,
off-price and discount stores, manufacturers’ outlets, the Internet
and catalogs and general consumer spending levels, including the
impact of the availability and level of consumer debt, possible
systems failures and/or security breaches, the potential for the
incurrence of charges in connection with the impairment of
intangible assets, including goodwill, declines in credit card
revenues, Macy’s, Inc.’s reliance on foreign sources of production,
including risks related to the disruption of imports by labor
disputes, regional or global health pandemics, and regional
political and economic conditions, the effect of weather,
inflation, and labor shortages, the amount and timing of future
dividends and share repurchases, our ability to execute on our
strategies or achieve expectations related to environmental,
social, and governance matters, and other factors identified in
documents filed by the company with the Securities and Exchange
Commission, including under the captions “Forward-Looking
Statements” and “Risk Factors” in the company’s Annual Report on
Form 10-K for the year ended January 28, 2023. Macy’s, Inc.
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Important Additional Information Regarding Proxy
Solicitation
Macy’s, Inc. has filed a preliminary proxy statement and WHITE
proxy card with the SEC in connection with the solicitation of
proxies for the Company’s 2024 Annual Meeting of Shareholders (the
“Proxy Statement” and such meeting the “2024 Annual Meeting”).
Macy’s, Inc., its directors and certain of its executive officers
will be participants in the solicitation of proxies from
shareholders in respect of the 2024 Annual Meeting. Information
regarding the names of Macy’s, Inc.’s directors and executive
officers and their respective interests in Macy’s, Inc. by security
holdings or otherwise is set forth in the Company’s preliminary
proxy statement for the 2024 Annual Meeting of Shareholders, filed
with the Securities and Exchange Commission on March 14, 2024 (the
“2024 Proxy Statement”) and available at
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0000794367/000155837024003247/m-20240517xpre14a.htm.
Please refer to the sections captioned “Stock Ownership,” “Fiscal
2023 Non-Employee Director Compensation Table” and “Compensation of
the Named Executive Officers for 2023” in the 2024 Proxy Statement.
To the extent holdings of such participants in Macy’s, Inc.’s
securities have changed since the amounts described in the 2024
Proxy Statement, such changes have been reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of
Change in Ownership on Form 4 filed with the SEC. Additional
information can also be found in Macy’s, Inc.’s Annual Report on
Form 10-K for the year ended January 28, 2023, filed with the SEC
on March 24, 2023 and available at
https://www.sec.gov/ix?doc=/Archives/edgar/data/794367/000162828023009154/m-20230128.htm.
Details concerning the nominees of the Macy’s, Inc. Board of
Directors for election at the 2024 Annual Meeting are included in
the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS
AND STOCKHOLDERS OF MACY’S, INC. ARE URGED TO READ ALL RELEVANT
DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING MACY’S,
INC.’S PRELIMINARY PROXY STATEMENT AND ANY AMENDMENTS AND
SUPPLEMENTS THERETO BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. These documents, and other documents filed by Macy’s,
Inc. with the SEC, are available for no charge at the SEC’s website
at http://www.sec.gov and at Macy’s, Inc.’s investor relations
website at https://macysinc.com/investors.
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version on businesswire.com: https://www.businesswire.com/news/home/20240314492386/en/
Media – Chris Grams communications@macys.com
Leigh Parrish / Arielle Rothstein lparrish@joelefrank.com
arothstein@joelefrank.com (212) 355-4449
Investors – Pamela Quintiliano investors@macys.com
Macys (NYSE:M)
過去 株価チャート
から 5 2024 まで 6 2024
Macys (NYSE:M)
過去 株価チャート
から 6 2023 まで 6 2024