Macy’s Names New CEO

Following Terry J. Lundgren’s departure, Macy’s has named Jeff Gennette as its new chief executive officer.

Gennette will begin to transition into his new position in the first quarter of 2017. In his new position, he will continue to work with Lundgren on improving current business trends and setting the stage for changes that will be announced as decisions are finalized, as well as additional management responsibility including oversight of the Macy’s stores organization.

He will also join the Macy’s board of directors.

Prior to his appointment, Gennette was named president of Macy’s in 2014 after serving as the company’s chief merchandising operator for five years. He began his retail career in 1983 as an executive trainee at Macy’s West and has held positions of increasing responsibilities since joining the company. During his career, he also served a store manager for FAO Schwarz and director of stores for Broadway Stores.

Additionally, Gennette’s appointment is part of the board of directors’ succession plan that included Gennette’s appointment as president in 2014.

“Jeff Gennette is an extraordinary leader who has distinguished himself as a skilled merchant and retail operator,” says Lundgren. “He has worked closely with me over the past two years as president of Macy’s in a first step in this succession process, and we are closely aligned on creating a compelling and sustainable path forward. In making this announcement today, the board and I want to communicate proactively the timing of the CEO transition as we act to seamlessly implement our future plans. Jeff and our team are well equipped to continue the transformation of our company for the next generation of customers and associates.”