Macy’s Executive Chairman Terry Lundgren to retire in January 2018

Macy's has announced that its Executive Chairman Terry Lundgren will retire from the board of directors effective January 31, 2018. The board has appointed Jeff Gennette, who has been CEO since March 2017, to fill in the role of Chairman after Lundgren’s retirement. The company added that Marna Whittington remains Lead Independent Director and following Lundgren's retirement, the board will have 10 directors.

"I am proud of our company's growth, accomplishments and the talent we developed during the 14 years I have led Macy's," Lundgren said in a statement, adding, "I have worked closely with Jeff and his team over the past two years, focusing on the changes and vision required for future success. I am confident that the company has the strategies, resources, talent and leadership to capitalize on the fundamental shifts in consumer shopping patterns we have all experienced."

"We thank Terry for his many contributions to Macy's," said Whittington, adding, "Jeff has the full confidence of the board and we look forward to him executing on the company's strategic plan intended to return the company to growth."

"We've made good progress this year on the path to return Macy's to growth and drive shareholder value for the long term. We are working hard to close the year out strong and head into 2018 with momentum," added Gennette.

Picture:Facebook/Macy's