Richard Vorisek’s Post

On Sunday, Macy's will have a new CEO when Tony Spring takes the reins from Jeff Gennette. The blunt truth is that Mr Spring will inherit a business that has a lot of problems and lacks a coherent plan to tackle them. He can take Macy’s in one of two directions. He can break with the past and really start to refashion Macy’s into a retailer that meets the needs of modern consumers. This includes investing in the basics of retail and ensuring that good standards are adhered to, especially in stores. Alternatively, he can carry forward the policy of gentle iteration and partial tinkering around the edges which, ultimately, will result in the continued decline of the iconic chain. While Mr Spring is a Macy’s insider, he has had a lot of success in heading up Bloomingdale's, so there is at least a glimmer of hope that he will bring some new thinking. Mr Spring will also need to deal with mounting chatter from Arkhouse, which is pressing for Macy’s to open talks. On this front, he needs to set out a very clear and compelling vision to investors so it’s patently clear why the Arkhouse bid should be dismissed. Failure to do this will lead to more pressure from activists. As if all these things weren't challenging enough, Mr Spring also starts his tenure at a time when consumer spend on discretionary goods is pressured and finicky. This makes his job a bit like running up a down escalator that is on super-speed mode. Good luck, Mr Spring! More of my views in the Retail Dive article linked in the comments. #departmentstores #Macys #retail #retailnews #leadership

Y’all. You know how much joy I get from recognizing the hard work of others. 🤗 Yesterday I had the privilege of recognizing MA Specialist Tyler from Store 3104. When we spoke about LPP and how much it benefits our customers, he stated: “I wouldn’t buy an appliance without it”. 🥹 That simple phrase makes a world of difference to our customers. Every consumer wants to know that you trust your product enough to not only recommend it, but use it as well! Tyler thank you for connecting transparently with your customers and ensuring they have the peace of mind they deserve when purchasing appliances. There hasn’t been a goal you haven’t exceeded. You are a great representation of Lowe’s and a true winner all around. 🏆 …and you know what winners get? Sprinkles (well, in this case cookies and an LPP Recognition Bag). 🙃🍪✨ Tyler, keep up the outstanding work! Onward and Upward! 📈 #lowes #loweslife #lpp #region5 #levelup #partnership #progress #passion #success #successmindset #service #servantleadership #HungrytoWIN #HungrytoWIN2024 #support #learning #development #coaching #growing #teaching #movetheneedle #recognition #recognitionmatters #dreamteam #onwardandupward Chad Alberda Jesse Krug Andrew Bradt Jennifer Clark Brian Deal Danny Gates Chris Grimley Jessica Chalk

👗 Marks and Spencer: 5 Interesting Tidbits!   From its beginnings to its current global status, Marks & Spencer holds a collection of intriguing facts.   Explore five of these interesting details below...    Know more Marks & Spencer facts? Share them down below 💬   #MandSInsights #FashionDiscoveries #RetailFacts #MandSRevealed #RetailGems #MandSSpotlight #FashionInsight #RetailInsights

This is tough news; Mike was a retail legend. One of my favorite training sessions - several mid and senior leaders spent two days with Mike and our CHRO at the time. He did this often, without interruptions. He invested in people. He taught the way he led, not through bragging or taking credit or trying to be the smartest person in the room (though often, he was). Instead, he shared stories of how and when he failed, what he learned, and inspired others to reach a bit higher than they thought was possible. A couple of years later, I was recruited by a competitor - during the process, a senior executive said, "Mike sure likes the camera; he gives a lot of interviews!" Interestingly, during this leadership training, he had told us why he would do these interviews. He explained that not only was he speaking with shareholders, but with over 155,000 associates (at the time), oftentimes the only way that these associates would hear what was going on was through one of these articles. It wasn’t ego - it was his desire to connect with his people. He talked about his "Sunday emails." He would make notes about the current business and what was upcoming, what was on his mind. For himself mainly, but since he was doing it anyway, he would send them to the board. He rarely would hear back, so he didn't really know if they were reading it. One Sunday, he wasn't feeling great, so he didn't put a note together - and around midday, he started to receive messages: "Is everything ok? Are we getting our update?" His point was that even when people don't acknowledge that they are listening, oftentimes they are. I've often thought about sending him a note and thanking him for the lessons learned. I wish I had. I know that there are hundreds, maybe more who have benefitted from his leadership and learnings, and I know that what he taught will continue to impact retail positively. He will be missed.

With CEO Succession planning, a big question from boards is, should we look at internal candidates to be the next CEO, or an external candidate? As Chip Bergh, the outgoing CEO of Levi Strauss & Co. explained in Boardspan's last webinar, the answer is that the right candidate can be both. As Bergh transitions his CEO role to Michelle Gass this week, business publications are talking about Levi's unique approach to succession planning, citing it as a possible model for the future. In The Art of CEO Succession Planning, Chip talks quite a bit about the novel approach he and the board took. If you want to hear the story, the link to the full webinar is in the first comment. The whole webcast is fascinating and I really enjoyed being part of it. #contentmarketing #webinarinsights #thoughtleadership

Check out the link to the webinar in the comments. Great insights into CEO succession planning!

Former Ulta Beauty CEO Mary Dillon, who led the company from 2013 to 2021, took the helm at Foot Locker in September 2022 to revitalize the brand. Dillon is renowned for her successful leadership at Ulta, where she transformed the company from a regional player into a national powerhouse. Under her tenure, Ulta's revenues surged from $2.7 billion to $8.6 billion, and operating profits grew from $327 million to $1.3 billion. Dillon's Lace Up Plan at Foot Locker faced significant challenges in 2023 due to macroeconomic and consumer-related pressures. However, is the plan now about to show signs of success? #Leadership #BusinessGrowth #RetailIndustry #FootLocker #UltaBeauty #CEO #Transformation #BusinessStrategy #MaryDillon #LaceUpPlan #RetailLeadership #BusinessInnovation #Macroeconomics #ConsumerTrends #CorporateSuccess #RevenueGrowth #BusinessRevitalization

Many of us have either shopped at our heard of Macy’s but….. Do you know the story of the man behind it? I certainly didn’t and what an inspirational story! R. H. Macy is man who never gave up after each of his failures and his success came from his persistence. He tried 5 professions: Whaler Retailer Gold Miner Stockbroker Real estate Broker And 6 attempts at owning retail companies all of which had failed… Until his 7th attempt which we all know as Macy’s Department store. The POWER of Persistence: What keeps us going in the midst of adversity is having a strong sense of our purpose. It’s what fuels us to embody the power of persistence. —————————————————————— John C. Maxwell Strategy for cultivating Persistence: 1️⃣ Find your purpose 2️⃣ Eliminate all of your excuses 3️⃣ Develop incentives for your victories 4️⃣ Cultivate inward determination continually 📚 Read “Failing Foward” for details on this strategy. ———————————————————— Spark The Mind. Fuel The Dream. Book a FREE Wake up Call Lester Sydney Tap the 🔔 in my profile for more content on motivation, inspiration and personal development.

Did you know that a prominent 40-year-old retailer is set to appoint what will be only its’ 3rd CEO in company history? What's impressive is that all three CEOs have risen through internal ranks and have contributed a combined 98 years of service to date. It might sound like a tight-knit family business, but surprise—it's Costco Wholesale! Starting January 1st, Ron Vachris will step into the shoes of Craig Jelinek as the new CEO. Craig, at the age of 71, has been with Costco since 1984, initially joining as a store manager. Ron's journey began nearly 40 years ago when he joined as a forklift driver while still in college. Remarkable, isn't it? Costco's first CEO, Jim Sinegal, was a co-founder—talk about a legacy! Reflecting on this, I couldn't help but wonder how such incredible career paths unfold. It dawned on me that, over their long tenures, both Ron and Craig likely reached what they thought was the zenith of their careers well before the idea of the C-suite was on their radar. It's a testament to Costco's commitment to employee care and prioritizing professional development. Costco consistently ranks as one of the 'best places to work,' and it's not by accident. Investing in employees and fostering a culture of continuous growth leads to extraordinary outcomes. In a workplace that encourages individuals to realize their full potential, it's no surprise that we witness stories like going from forklift driver to CEO. What can we all be doing to make paths like this more common? #employeedevelopment #inspiration #leadership

A feel-good story of succession   Before you begin to think I’ve forgotten to capitalise succession, I’m not referring to the fictional and fabulously wealthy Roy family that kept many guessing at whom they were based on in real life.   Instead, this is a very short note about leadership and the example being set at that retail shopper nirvana place where one can get a corpulent, juicy hot dog and a bottomless assortment of Pepsi Cola brands at the soda fountain for a dollar fifty: COSTCO.   It is a story of humble beginnings and learning the building blocks to success that make one’s career at a company viable.   Too many of us get our expectations set very high in childhood and college and believe our success is merited based on Woody Allen’s famous bon mot of just showing up. One which may have affected more than one of us in our early or mid career.   When joining McCann-Erickson as a trainee fresh out of uni in 1975, I thought I was the bee's knees and my confidence could have floated a Zeppelin. Until my boss, thoroughly unimpressed at my first-day eagerness, growled at me to go away and organize the files as he had to go to the weekly Monday morning management meeting. Smiling outwardly while seething inwardly at his umbrage at dismissing his newly assigned boy genius so peremptorily, I did so. And learned a lot about what he and the company were doing. While I perhaps foolishly left McCann’s after he retired, the lesson in imparting humility he gave me never left, or at least served as a reminder whenever cockiness struck, which admittedly still happened every so often when one begins to think we know everything, that painful arrogance born of shallow youthful confidence.   That’s why the news about Costco’s CEO announcing his departure and successor is refreshing. No surprise, no drama, no fishing around outside the company for a whiz kid to straighten out what is essentially an extremely well-run business. A succession lesson to chew over while wolfing down one of their hot dog specials, or carting off one of their fabulous rotissary chickens after being served by people who, as the article points out, seem genuinely happy to work there. #leadership #strategyconsulting #marketing #advertising #management #retail https://lnkd.in/eR7BMm-s