Jeff Gennette to replace Terry Lundgren as Macy’s CEO

Macy’s CEO Terry J. Lundgren since 2003 and Chairman since 2004, will transition the position of CEO to Jeff Gennette in the first quarter of 2017. The transition is part of the board of directors’ succession plan that included Gennette’s election as President of Macy’s in 2014. Gennette will join the Macy’s board of directors, effective today – bringing the size of the board to 14 members.

“I have been honored to lead this enterprise through a period of unprecedented reinvention. 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, adding, “Jeff Gennette is an extraordinary leader who has distinguished himself as a skilled merchant and retail operator. He has worked closely with me over the past two years as president of Macy’s, in a first step in this succession process.”

Jeff Gennette steps in as Macy’s CEO

Beyond the first quarter of 2017, Lundgren will continue as Executive Chairman of the company and work side-by-side with Gennette as President and CEO. Gennette will assume additional management responsibility during the transition period, including oversight of the Macy’s stores organisation.

Commenting on his new role, Gennette said, “We have successfully navigated our way through changing customer trends in the past and there is no doubt that Macy’s will need to be a significantly different retailer in the future in the way we operate and approach the marketplace. Terry and I have an outstanding relationship and we will continue to collaborate closely through this CEO transition process.”

Jeff Gennette was named President of Macy’s in March 2014 after serving as Macy’s chief merchandising officer since February 2009. From February 2008 to February 2009, Gennette 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, 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, Gennette also served as a store manager for FAO Schwarz and director of stores for Broadway Stores.

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