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Macy's CEO Terry Lundgren stepping down, replacement named

After 13 years in one of the most respected roles in fashion, Macy's chief executive officer Terry Lundgren has announced that in 2017 he will be stepping down from his role. Lundgren has served in his role since 2003, and his successor will be Jeff Gennette, who will take on the dual role of ceo and president.

Lundgren will continue on as executive chairman, and will work closely with Gennette to help Macy's build their business, as department stores are having a hard time in the current retail landscape. Macy's saw a 7.4 percent drop in sales for Q1.

Terry Lundgren steps down as ceo of Macy's

"While our company is larger, stronger and more resourceful than we were 13 years ago, 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," said Lundgren in a statement.

For the rest of 2016, Gennette will be taking on more managerial duties. Effective immediately, he will also be joining the Macy's Inc. board of directors, now totaling 14 members.

photo via terryjlundgrencenter.org