Jeff Gennette will succeed Terry Lundgren, who served as the retailer’s CEO since 2004.

The Macy’s board of directors have promoted Jeff Gennette to serve as the company’s chief executive officer, effective immediately.

Gennette succeeds Terry Lundgren, who will continue as executive chairman. Lundgren served as Macy’s chairman and chief executive officer since 2004.

Prior to CEO, Gennette was president of Macy’s since March 2014. Previously, he was chief merchandising officer and held a series of other positions with the company, including senior vice president and division merchandise manager for men’s and children’s.

He also held the position of chairman and chief executive officer for both Macy’s Northwest and Macy’s West.

“Jeff will be a terrific CEO for Macy’s. He has a deep knowledge of this company, coupled with the vision and determination to continue Macy’s transformation for the next generation. Jeff has a proven track record as a successful retail operator, seasoned merchant and business leader and has contributed significantly to the company’s long history of success,” says Lundgren. “I’ve been honored to lead this great company, am thrilled to be passing the baton to such an exceptional leader, and look forward to my continued role on the board of directors.”