Macy's CEO Terry Lundgren to be succeeded in 2017
Macy’s, Inc. announced on Thursday that President Jeff Gennette is to become the company’s CEO in 2017.
Current Macy's CEO and Chairman Terry Lundgren will transition the CEO position to Gennette as early as the first quarter of 2017, as part of the Board of Directors’ succession plan that included Gennette’s election as President of Macy’s in 2014.
Gennette began his retail career at Macy’s in 1983 as an executive trainee, and he remained with the company for 33 years. Throughout his career, he served as Executive Vice President and Director of Stores at Macy’s Central in Atlanta, Chairman and Chief Executive Officer of Macy’s Northwest in Seattle, Chairman and CEO of Macy’s West in San Francisco, Chief Merchandising Officer and most recently President of Macy’s. The San Diego-native also served as a store manager for FAO Schwarz and Director of Stores for Broadway Stores, Inc.
Also effective immediately, Gennette will join the Macy’s Board of Directors increasing the number of members to 14.
"Jeff Gennette is an extraordinary leader who has distinguished himself as a skilled merchant and retail operator," Lundgren said. "He has worked closely with me over the past two years as president of Macy's, Inc. in a first step in this succession process, and we are closely aligned on creating a compelling and sustainable path forward."
Lundgren served as Macy's Inc. CEO since 2003, and he began with the company in 1975 as a trainee with Bullock’s, a Los Angeles-based division of Federated Department Stores, Inc., which is now Macy’s, Inc. He left the company in 1988 to join Neiman Marcus and returned in 1994 as Chairman and CEO of Federated Merchandising Group.
Beyond the first quarter of 2017, Lundgren will continue as Executive Chairman and continue to work alongside Gennette to improve business trends.
Macy’s reported in May its fifth straight drop in quarterly sales, and it cut its full-year comparable sales and earnings forecasts. The company cut jobs to start this year as a result of a “disappointing 2015 sales and earnings performance,” according to Lundgren.
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