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Macy’s announces CEO succession plan

Terry J LundgrenMacy’s, Inc., a retailer, announced that Terry J. Lundgren will transition the position of CEO to Jeff Gennette in the first quarter of 2017.

Mr. Lundgren, the company’s CEO since 2003 and Chairman since 2004, also joins the Macy’s, Inc. board of directors.

Mr. Lundgren began his retailing career in 1975 as a trainee with Bullock’s, a Los Angeles-based division of Federated Department Stores, Inc. (now Macy’s, Inc.).

He held positions of increasing responsibility over the next decade in buying, store management and human resources, as well as serving as the division’s director of stores and, in 1984, was named senior vice president and general merchandise manager.

In 1987, he was named president and chief executive officer of Bullocks Wilshire, then the most upscale and high fashion chain of specialty department stores owned by Federated.

Mr. Lundgren left Federated in 1988 to join Neiman Marcus, where he served briefly as executive vice president. Shortly thereafter, he was named chairman and chief executive officer. He returned to Federated in April 1994 as chairman and chief executive officer of Federated Merchandising Group.

Beyond the first quarter of 2017, Mr. Lundgren will continue as Executive Chairman of the company and work side-by-side with Mr. Gennette as President and CEO.

Mr. Gennette was named President of Macy’s, Inc. in March 2014 after serving as Macy’s Chief Merchandising Officer since February 2009. From February 2008 to February 2009, he served as chairman and CEO of Macy’s West in San Francisco.

He began his retail career in 1983 as an executive trainee at Macy’s West. He held positions of increasing responsibilities, including vice president and division merchandise manager for men’s collection and senior vice president and general merchandise manager for men’s and children’s.

In 2004, Mr. Gennette was appointed executive vice president and director of stores at Macy’s Central in Atlanta. From February 2006 to February 2008, he was chairman and chief executive officer of Seattle-based Macy’s Northwest.

During his career, Mr. Gennette also served as a store manager for FAO Schwarz and director of stores for Broadway Stores, Inc. Mr. Gennette is a graduate of Stanford University.


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