Maly Bernstein
Macy'sAbout Maly Bernstein
Maly Bernstein served as CEO of Bluemercury (a Macy’s, Inc. nameplate) from September 13, 2021 through September 26, 2025, having previously held senior roles at CVS Health (VP of E‑commerce; VP of Beauty & Personal Care) and McKinsey’s retail/consumer practice . Her reporting line shifted to Bloomingdale’s CEO effective May 1, 2025 to strengthen luxury connectivity . Under her tenure, Bluemercury delivered sustained growth—Q4 FY2024 comps +6.2% and FY2024 comps +4.0%—within Macy’s, Inc. enterprise context of $22.3B net sales, $1.977B Adjusted EBITDA for FY2024 . Macy’s later confirmed Bernstein’s departure at end-September 2025 amid ongoing “New Blue” strategy execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CVS Health | Vice President, E‑commerce | Not disclosed | Led digital commerce operations |
| CVS Health | Vice President, Beauty & Personal Care | Not disclosed | Oversaw multi‑billion portfolio across cosmetics/skin/hair/personal care |
| McKinsey & Co. | Retail & consumer practice | Not disclosed | Strategy/operations advisory in retail/consumer sectors |
External Roles
No public company directorships or committee roles disclosed in Macy’s proxy filings for FY2024–FY2025 .
Fixed Compensation
Not disclosed. Macy’s FY2025 proxy identifies Named Executive Officers (NEOs) but does not list Bernstein among NEOs; her compensation is not provided in the Summary Compensation Table or plan‑based awards .
Performance Compensation
Not disclosed. Macy’s FY2024–FY2025 CD&A describes STI/LTI designs for NEOs (metrics: total revenue, Adjusted EBITDA, NPS; PRSUs in rTSR and 3‑year Adjusted EBITDA margin), but does not specify Bluemercury CEO awards or weightings . Skip due to lack of executive‑specific disclosure.
Equity Ownership & Alignment
- Beneficial ownership: Bernstein is not listed in Macy’s “Stock Ownership of Directors and Executive Officers” table as of March 20, 2025; no individual holdings disclosed .
- Company policies: Macy’s prohibits hedging and pledging by directors, executive officers, and long‑term incentive plan participants . Stock ownership guidelines apply to specified corporate officers (e.g., CEO 6x salary; COO/CFO/CHRO 3x; CLO/Bloomingdale’s CEO 2x), but Bluemercury CEO is not enumerated; compliance status for Bernstein is not disclosed .
Employment Terms
- Appointment: Named CEO of Bluemercury effective September 13, 2021 .
- Reporting line change: From May 1, 2025, reported to Bloomingdale’s CEO Olivier Bron .
- Departure: Macy’s confirmed she would leave at end of September 2025; WWD reported final day September 26, 2025 .
- Severance, change‑in‑control, non‑compete: Not disclosed for Bluemercury CEO. Macy’s SESP/CIC plans detail benefits for NEOs and specified executives, but do not identify Bluemercury CEO participation .
Performance & Track Record
| Metric | Q4 FY2024 | FY2024 |
|---|---|---|
| Bluemercury Comparable Sales (owned basis) | +6.2% | +4.0% |
| Bluemercury Net Sales Growth | +2.4% | +2.8% |
| Consecutive Quarterly Comp Growth | 16th consecutive quarter (as of Q4 FY2024) | 18 consecutive quarters cited in Sep‑2025 coverage |
| Macy’s, Inc. Net Sales | $7.768B (Q4) | $22.293B (FY2024) |
| Macy’s, Inc. Adjusted EBITDA | $903M (Q4) | $1.977B (FY2024) |
Major initiatives and execution:
- “New Blue” brand refresh (logo, website, store design), broadened luxury assortment (e.g., Byredo, Victoria Beckham Beauty, Charlotte Tilbury), dermatological skincare focus; continued door openings and remodels (stated goal: ~30 new stores/~30 remodels over three years) .
- Organizational connectivity: reporting to Bloomingdale’s CEO to align luxury strategy across nameplates .
Investment Implications
- Compensation alignment: Lack of disclosed STI/LTI structures, targets, and equity awards for Bluemercury CEO limits pay‑for‑performance analysis; Macy’s enterprise incentive frameworks emphasize revenue, Adjusted EBITDA, NPS, and rTSR/EBITDA margin for NEOs, but Bluemercury‑specific designs are not published .
- Retention risk/trading signals: Bernstein’s confirmed departure in September 2025 elevates leadership transition risk at a key growth engine for Macy’s; no Form 4/insider sale data or pledged shares disclosed for her—reducing visibility into selling pressure or alignment .
- Operating performance: Bluemercury’s consistent comps growth through FY2024 underscores resilient customer engagement and supports Macy’s luxury strategy; continuity in strategy under Bloomingdale’s oversight is explicitly signaled by Macy’s .
- Governance/policies: Company‑wide anti‑hedging/pledging and clawback frameworks mitigate risk, though application to Bluemercury CEO is not expressly disclosed in proxy materials .