Fashion retailer Macy’s Inc. has announced that Terry J. Lundgren, the company’s CEO since 2003 and Chairman since 2004, will transfer the title to Jeff Gennette early next year under the Board of Directors’ succession plan that includes Gennette’s election as President of Macy’s.
Beyond the first quarter of 2017, Lundgren will continue as Executive Chairman and work along with Gennette as President and CEO of the company. He will also assume additional management responsibilities during the transition period, including supervision of the retailer’s stores organization. “This is the time for us to be laser-focused on what is most important to our customers, and how we can best deliver the shopping experience that will secure our position as the premier omni-channel retailer of the future,” Gennette said, adding, “Terry and I have an outstanding relationship and we will continue to collaborate closely through this CEO transition process.”
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Lundgren and Gennette will continue to work very closely together on improving current business trends and setting the stage for changes that will take the company to new heights. “I have been honoured to lead this enterprise through a period of unprecedented reinvention. Now is the time to reset our business model to thrive in a future that is being driven by rapid evolution in consumer preferences and shopping habits. Jeff Gennette is an unwonted leader. Together we have worked over the past two years as President of Macy’s, and we are closely aligned to create a compelling and sustainable path forward,” Lundgren said.
