Macy’s, Inc. Announces CEO Succession Plan
June 23 2016 - 09:00AM
Business Wire
Terry Lundgren to remain Executive Chairman
as Jeff Gennette becomes CEO in the first quarter of 2017; Planned
succession process supports upcoming strategies for business
improvement
Macy’s, Inc. (NYSE:M) today announced that Terry J. Lundgren,
the company’s CEO 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, Inc. in 2014. 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 join the Macy’s, Inc. board of directors,
effective today – bringing the size of the board to 14 members. He
will assume additional management responsibility during the
transition period, including oversight of the Macy’s stores
organization.
“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. Our
company must and will change in response to the profound secular
forces that are driving consumer spending. I am firmly committed
to, and invigorated by, the process we have begun to set a
going-forward strategy in lockstep with our evolving customers,”
Lundgren said.
“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,
Inc. 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.”
Added Marna C. Whittington, Macy’s, Inc. lead independent
director: “Since taking the reins in 2003, Terry Lundgren has been
an outstanding leader of this company. His tenure has included
nearly doubling topline sales, acquiring the May Department Stores
Company, creating Macy’s and Bloomingdale’s as nationwide brands
with emerging global opportunities, and establishing Macy’s, Inc.
as one of the top six online retailers in the United States, and
number three in the categories we sell. His leadership, combined
with his vision and energy, will help set the tone for the next
generation of growth at Macy’s, Inc. in collaboration with Jeff and
the management team. One of Terry’s hallmarks has been creating an
exceptional depth of management talent. Jeff Gennette has
demonstrated proven leadership skills over his 33-year career with
the company, and he is uniquely capable of leading the next chapter
of Macy’s, Inc.’s history given his in-depth knowledge of the
organization, his merchandising acumen and clear insight into the
evolution of the retailing landscape. The entire board of directors
is pleased and we are fortunate that an executive of Jeff’s caliber
is in place to be the company’s next CEO and lead implementation of
our going-forward strategies.”
Lundgren and Gennette will continue to work very closely
together on improving current business trends and setting the stage
for changes that will be announced as decisions are finalized.
“This is the time for us to be laser-focused on what is most
important to our customers, and how we can best deliver the
shopping experience that will secure our position as the premier
omnichannel retailer of the future,” Gennette said. “We have
successfully navigated our way through changing customer trends in
the past and there is no doubt that Macy’s, Inc. will need to be a
significantly different retailer in the future in the way we
operate and approach the marketplace. But we also must continue to
tackle our immediate priorities with vigor and discipline. Terry
and I have an outstanding relationship and we will continue to
collaborate closely through this CEO transition process.”
Jeff Gennette, 55, was named President of Macy’s, Inc. 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, Gennette 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, Inc. Gennette, a native of
San Diego, is a graduate of Stanford University.
Macy’s, Inc., with corporate offices in Cincinnati and New York,
is one of the nation’s premier retailers, with fiscal 2015 sales of
$27.079 billion. The company operates about 870 stores in 45
states, the District of Columbia, Guam and Puerto Rico under the
names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s
Backstage and Bluemercury, as well as the macys.com,
bloomingdales.com and bluemercury.com websites. Bloomingdale’s in
Dubai is operated by Al Tayer Group LLC under a license
agreement.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including
conditions to, or changes in the timing of, proposed transactions,
prevailing interest rates and non-recurring charges, competitive
pressures from specialty stores, general merchandise stores,
off-price and discount stores, manufacturers’ outlets, the
Internet, mail-order catalogs and television shopping and general
consumer spending levels, including the impact of the availability
and level of consumer debt, the effect of weather and other factors
identified in documents filed by the company with the Securities
and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past
news releases, is available at www.macysinc.com/pressroom)
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version on businesswire.com: http://www.businesswire.com/news/home/20160623005620/en/
Macy’s, Inc.Media – Jim Sluzewski, 513-579-7764Investor – Matt
Stautberg, 513-579-7780
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