Macy?s, Inc. announced the appointment of two new independent directors, Richard (Ric) Clark and Richard (Rick) L. Markee, to its Board of Director, effective immediately. The appointments of Clark and Markee follow the Board?s engagement with Arkhouse Management Co. LP, resulting in the withdrawal of its director nominations.

The company is also implementing previously announced changes to its Board, effective immediately. Tony Spring, chief executive officer and chairman-elect of Macy?s, Inc., has assumed the chairman role. In addition, Douglas (Doug) W. Sesler, whose nomination to stand for election to the Board at the 2024 annual meeting of shareholders was announced on March 14, 2024, has been appointed as an independent director.

These changes follow the planned retirements of Jeff Gennette and Frank Blake from the Macy?s, Inc. Board. In connection with the Clark and Markee appointments, the Company has entered into an agreement with Arkhouse and its affiliates that provides for the withdrawal of Arkhouse?s director nominations, among other customary provisions. Clark and Markee will join the Board?s Finance Committee, which in addition to its existing responsibilities, will oversee the evaluation of and make recommendations to the full Board regarding the acquisition proposal submitted by Arkhouse and Brigade Capital Management, LP (?Brigade?).

Following today?s Board appointments and retirements, the Macy?s, Inc. Board comprises 15 directors, 14 of whom are independent. Richard (Ric) Clark: Ric Clark possesses nearly four decades of real estate, mergers and acquisitions and capital markets experience. He is Co-Founder and Managing Partner of WatermanCLARK, a vertically integrated real estate investment and operating company.

Prior to his current role, Clark spent three decades at Brookfield Corp. and its predecessors, serving in various leadership roles, including Chairman and Chief Executive Officer of Brookfield Property Group, Brookfield Property Partners and Brookfield Office Properties. Under his leadership, Brookfield?s real estate group grew its assets under management from $5 billion to more than $200 billion and expanded globally in office, multifamily, industrial, hotel and retail real estate.

Clark also currently serves as Chairman of the Alliance for Downtown New York and the Downtown-Lower Manhattan Association and serves on several real estate executive committees. He holds a Bachelor of Science in Business from Indiana University of Pennsylvania. Richard (Rick) L. Markee: Rick Markee has extensive retail leadership experience both as CEO and as a director on numerous public company boards.

Markee previously served in various roles at Vitamin Shoppe, Inc., including as Non-Executive Chairman, Executive Chairman and Chief Executive Officer. Earlier in his career, he also held senior positions at Toys ?R? Us, Inc., including Vice Chairman, and President of Babies ?R? Us and Toys ?R? Us U.S. Markee currently serves on the board of Five Below, Inc. and previously served as a director of Collective Brands, Inc., the Sports Authority, Inc., Dorel Industries Inc. and Pet Supplies Plus. He holds a Bachelor of Arts from the University of Wisconsin.