Macy’s, Inc. Board of Directors Elects Jeff Gennette Chief Executive Officer
March 23 2017 - 4:32PM
Business Wire
Macy’s, Inc. (NYSE:M) today announced that its board of
directors has unanimously elected Jeff Gennette chief executive
officer, effective today. As previously announced, Gennette
succeeds Terry J. Lundgren, who will continue as executive
chairman.
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Jeff Gennette - President and Chief
Executive Officer, Macy's, Inc. (Photo: Business Wire)
“Jeff will be a terrific CEO for Macy’s, Inc. 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,” said
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.”
“It’s a very meaningful day for me as I take on leadership of
the company I’ve worked for and the colleagues I’ve worked with for
more than 30 years. I’m honored to be taking on this role and
excited about Macy’s prospects. While we certainly have our
challenges, we also have great assets and opportunity. No company
is better up to the task of re-invention than Macy’s,” said
Gennette. “I want to personally thank Terry Lundgren for his
leadership, his mentorship, and the support he has shown me over my
career at Macy’s. Terry is a legend in retail and no one could have
asked for a better teacher.”
Marna C. Whittington, Macy’s, Inc. lead independent director,
added, “Jeff is an extremely talented executive who has had an
enormous impact on the Macy’s, Inc. organization over his tenure.
We are confident that he will be a strong leader, guiding the
company on the path to growth and increasing shareholder value. On
behalf of the entire board of directors, I also want to thank Terry
for his outstanding leadership. We are happy to continue our
partnership with him in his role of executive chairman.”
About Jeff Gennette:
Jeff Gennette was elected president and chief executive officer
on March 23, 2017. Prior to CEO, Gennette was president of Macy’s,
Inc. since March 2014. Previously, he was chief merchandising
officer of Macy’s, Inc. (formerly known as Federated Department
Stores, Inc.), a position to which he was appointed in February
2009.
Gennette began his retail career in 1983 as an executive trainee
at Macy’s West in San Francisco. He held positions of increasing
responsibilities, including vice president and division merchandise
manager for men’s collections, 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. During his career, he also
served as a store manager for FAO Schwarz and director of stores
for Broadway Stores, Inc. From February 2006 to February 2008,
Gennette served as chairman and chief executive officer of
Seattle-based Macy’s Northwest. February 2008 to February 2009
brought him back to San Francisco as chairman and CEO of Macy’s
West.
About Terry Lundgren:
Terry Lundgren is executive chairman of Macy’s, Inc. and
chairman of the board of directors, roles to which he was elected
on March 23, 2017. Previously, Lundgren was chairman and chief
executive officer of Macy’s, Inc. since January 2004, and also
served as president and CEO from February 2003 to March 2014. Prior
to 2003, he served as president and chief merchandising officer
since May 1997.
Lundgren began his retailing career in 1975 as a trainee with
Bullock’s, a Los Angeles-based division of Federated. He held
positions of increasing responsibility over the next decade in
buying, store management, human resources and senior-level store
management, as well as serving as the division’s director of
stores. Lundgren was named senior vice president and general
merchandising manager of Bullock’s in 1984. In 1987, he was named
president and chief executive officer of Bullocks Wilshire, then an
upscale chain of specialty department stores owned by
Federated.
Lundgren left Federated in 1988 to join Neiman Marcus, where he
served as executive vice president and shortly thereafter was named
chairman and chief executive officer. He returned to Federated in
April 1994 as chairman and chief executive officer of the Federated
Merchandising Group.
About Macy’s, Inc.
Macy’s, Inc. is one of the nation’s premier retailers. With
fiscal 2016 sales of $25.778 billion and approximately 140,000
employees, the company operates more than 700 department stores
under the nameplates Macy’s and Bloomingdale’s, and approximately
125 specialty stores that include Bloomingdale’s The Outlet,
Bluemercury and Macy’s Backstage. Macy’s, Inc. operates stores in
45 states, the District of Columbia, Guam and Puerto Rico, as well
as macys.com, bloomingdales.com and bluemercury.com. Bloomingdale’s
stores in Dubai and Kuwait are operated by Al Tayer Group LLC under
license agreements. Macy’s, Inc. has corporate offices in
Cincinnati, Ohio, and New York, New York.
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For Macy’s, Inc.Media:Claudia Gray, Brunswick Group,
212-333-3810orInvestors:Matt Stautberg, 513-579-7780
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