US fashion retailer Macy’s Inc. has announced the departure of its Executive Chairman Terry Lundgren. Jeff Gennette will enact the Chairman role, with effect from January 31, 2018. He has been with the company for around 30 years now and was named as the CEO earlier this year.
Lundgren expressed his satisfaction over the company’s growth in the retail business, its accomplishments and the talent it developed during 14 years of his association.
In the past two years, Lundgren worked closely with Gennette and his team to take the company forward. They helped each other in framing the growth-oriented business strategies for the future success of the company.
Macy’s, today, is one of the US’ premier fashion retail firms that employs around 140,000 people. The company runs over 700 department stores under the nameplates: Macy’s and Bloomingdale’s. It also operates around 160 speciality stores.
The announcement of Lundgren’s exit has come close on the heels of the firm’s recent slump in third-quarter sales by 6.1 per cent to US $ 5.281 billion as against US $ 5.626 billion in the corresponding quarter of 2016.
The company is expecting a better financial outcome in the fourth quarter which will include sales figures for the holiday season.
