Macy's Executive Chairman Lundgren to retire in 2018
The Terry Lundgren era at Macy’s is officially over. The department store chain announced on Friday that its former CEO and current Executive Chairman will retire from the board of directors, effective January 31, 2018.
The retirement will complete the planned transition that was announced in June 2016. Lundgren stepped down as CEO of Macy’s in June 2016 and was succeeded by then President Jeff Gennette.
In addition to announcing the retirement, the Macy’s Board of Directors appointed Gennette as Chairman, effective January 31, 2018, and Lead Independent Director Marna Whittington will remain in her role.
“I am proud of our company’s growth, accomplishments and the talent we developed during the 14 years I have led Macy’s, Inc.,” said Lundgren.
“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.
Since Gennette took over as CEO of Macy’s, the company continued to report sales declines amidst its turnaround. Gennette in March discussed a five point plan that included store closures that would return $600 million to the retailer, a focus on the private label and consumer shopping experience, and more event based marketing.
Macy’s in November reported a decline in third quarter comparable sales that decreased more than expected, but also beat earnings estimates for the quarter. The third quarter marked as the 11th consecutive quarterly sales decline.
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