Keith Credendino
Macy'sAbout Keith Credendino
Keith Credendino is Chief Information Officer (CIO) of Macy’s, Inc., appointed effective August 4, 2024, after joining Macy’s in 2022 as SVP of Technology Product Development, Customer Experience; he leads enterprise IT applications, infrastructure, operations, and the company’s data-first modernization (personalization, AI/ML, warehouse automation, labor optimization) . He holds a BBA in Management Information Systems (University of Georgia) and an MBA (Georgia State University) . Company pay programs tie senior executive incentives to Total Revenue, Adjusted EBITDA, Omni Net Promoter Score (NPS), rTSR, and 3-year Adjusted EBITDA margin, reinforcing pay-for-performance alignment . Macy’s revenue was $23.092B* in FY 2024 and $22.293B* in FY 2025; EBITDA was $1.891B* in FY 2024 and $1.484B* in FY 2025, reflecting a transition/investment year under “Bold New Chapter.” Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Macy’s, Inc. | SVP, Technology Product Development, Customer Experience | 2022–2024 | Led design/build/deploy of omnichannel customer experience technology across stores, digital, mobile, marketing, contact centers |
| Inspire Brands | SVP, Digital Technology & Enterprise Data | — | Led guest-facing mobile/web/loyalty/CRM solutions and cloud-native big data platform |
| InterContinental Hotels Group (IHG) | Technology/Product executive (incl. VP Product Management) | — | Delivered large-scale global e-commerce, CRM, contact center ecosystems |
| The Home Depot | Technology executive | — | Operational accountability across cloud-native and owned infrastructure/services |
| Cox Enterprises | Technology executive | — | Enterprise technology leadership |
External Roles
- No public company board directorships disclosed in company biography materials .
Fixed Compensation
- Individual CIO compensation (base salary, target bonus %, actual bonus) was not disclosed in the 2025 Proxy because CIO was not listed among 2024 Named Executive Officers; NEOs were Tony Spring (CEO), Adrian Mitchell (COO/CFO), Danielle Kirgan (CHRO), Tracy Preston (CLO), Olivier Bron (CEO Bloomingdale’s) .
- Company annual incentive design for senior executives (NEOs) in 2024 used 70% Financial (35% Total Revenue, 35% Adjusted EBITDA) and 30% Omni NPS; payout range 25%–200% of target .
2024 Annual Incentive Metrics and Weighting (Corporate Program)
| Metric | Weight | Targeting Approach | Payout Range |
|---|---|---|---|
| Total Revenue | 35% | Pre-set threshold/target/maximum aligned to annual plan and external guidance | 25%–200% of target |
| Adjusted EBITDA | 35% | Pre-set threshold/target/maximum; emphasizes profitable sales/productivity | 25%–200% of target |
| Omni Net Promoter Score (NPS) | 30% | Customer experience measure; compared to prior year (all-time highs) | 25%–200% of target |
Performance Compensation
Long-Term Incentive (2024 Grants; Corporate Program Architecture)
| Component | Metric | Weight | Targeting / Mechanics | Vesting / Caps |
|---|---|---|---|---|
| PRSUs | rTSR vs S&P Retail Select Industry Index | 50% | Earn target at 55th percentile rTSR; relative peer construct | Negative absolute TSR caps payout at target; rTSR value capped at 400% of target grant-date value; earned post FY 2026 |
| PRSUs | 3-year Adjusted EBITDA margin | 50% | Weighting allocated 20% (2024), 15% (2025), 15% (2026); targets set at start of period | Earned post FY 2026; double-trigger vesting on CIC |
| RSUs | Time-based | — | Target value determined at grant; number based on closing price | Vests ratably over 4 years from grant date |
- Timing of equity awards: typically approved at March Compensation Committee meeting; blackout adherence; company has not granted stock options since 2019 .
- 2024 Annual Incentive Outcomes (Company Program): NEO payout at 100.46% of target; Bloomingdale’s CEO 108.83% (brand-weighted design) .
Equity Ownership & Alignment
| Policy Attribute | Details | Implication |
|---|---|---|
| Stock ownership guidelines | Multiples by role category (e.g., CEO 6x base; COO/CFO/CHRO 3x; CLO and Bloomingdale’s CEO 2x); if below guideline at measurement, must retain 50% of net shares from vesting/exercise until met | Reinforces long-term alignment; retention ratios increase holding pressure if under guideline |
| Anti-hedging/Anti-pledging | Directors, executive officers, and LTI participants prohibited from hedging (options, swaps, collars) and pledging Macy’s stock (including margin accounts) | Reduces misalignment/forced-sale risk; improves governance signal |
| Insider trading policy | Directors/officers subject to blackout periods and trading policies; Form 10-K includes policy as Exhibit | Governance controls over timing and MNPI exposure |
| Compliance status | As of the most recent measurement date, each NEO was in compliance with ownership guidelines | Strong compliance culture; CIO-specific compliance not disclosed |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Severance plans | Executive severance and change-in-control plans cover NEOs; deferred comp accelerates on CIC; equity awards subject to double-trigger vesting upon CIC | |
| CIC conversion of PRSUs | PRSUs convert to time-based RSUs based on actual/target performance elapsed; vest if terminated without cause or for good reason within 24 months post-CIC or if awards not assumed | |
| Restrictive covenants | For retirement or involuntary termination vesting, executives must comply with non-compete (1 year; 2 years for CEO), non-solicit (2 years), and non-disclosure | |
| Grant timing governance | Awards typically at March Committee meeting; not granted during blackout or when MNPI is undisclosed; no options granted since 2019 |
Performance & Track Record
- Operational achievements credited to Credendino include marketplace launch and tech support for website redesigns; modernization of checkout systems and omnichannel experience .
- Leadership context: appointment highlighted by CEO Tony Spring as part of “Bold New Chapter” leadership evolution .
Macy’s Financial Performance (Context for Incentive Metrics)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenues ($ USD Billions) | $23.092* | $22.293* |
| EBITDA ($ USD Billions) | $1.891* | $1.484* |
Values retrieved from S&P Global.*
Compensation Committee Analysis
- Independent compensation consultant: Semler Brossy supported Committee risk review, program design, and governance .
- Program risk mitigators: substantial stock ownership guidelines and retention ratios; clawback provisions; anti-hedging/pledging; independent oversight; capped payouts; multiple metrics across annual and multi-year periods .
- Peer group for rTSR: S&P Retail Select Industry Index .
Say-On-Pay & Shareholder Feedback
- 2024 say-on-pay received 91.9% FOR support .
- Pay versus performance disclosure emphasizes CAP relationships to TSR, Net Income, Adjusted EBITDA; company-selected measure is Adjusted EBITDA given use across AIP and LTI .
Investment Implications
- Compensation alignment: Corporate incentives emphasize Total Revenue, Adjusted EBITDA, and Omni NPS in the short-term plus rTSR and 3-year Adjusted EBITDA margin in LTI, reinforcing metrics Credendino’s remit can influence (customer experience/tech efficiency) .
- Retention and selling pressure: Four-year RSU vesting and three-year PRSU cycles create ongoing vesting schedules; anti-pledging and retention ratios reduce forced-sale risk and promote holdings, but CIO-specific ownership and Form 4 activity were not disclosed in the proxy, tempering visibility into near-term selling pressure .
- Governance strength: Double-trigger CIC vesting, strict anti-hedging/pledging, and active clawback policy (recent enforcement noted) signal disciplined pay governance—positive for investors monitoring compensation risk .
- Execution focus: As CIO, Credendino’s impact on NPS, revenue, and EBITDA should be monitored via progress in modernization (AI/ML, automation, omnichannel), which are directly tied to incentive metrics and enterprise value creation under “Bold New Chapter.” Track customer experience KPIs and cost/productivity gains cited in CD&A for read-through to AIP/LTI outcomes .