Macy’s Lundgren Announces Retirement as Chairman
Macy’s Inc. announced that Terry J. Lundgren will be retiring as the chairman of the board of the giant department store chain.
His last day on the job will be Jan. 31. As part of an organized transition, Macy’s had already appointed Jeff Gennette the company’s chief executive officer last March, replacing Lundgren in that position. Now Gennette will be serving as the company’s chairman after Lundgren’s departure.
Lundgren had been Macy’s CEO since 2003, and became the company’s chairman in 2004. He helped spearhead the 2005 merger between Macy’s and May Department Stores that created one of the largest retailers in the United States.
The Long Beach, Calif.-born executive presided over Macy’s entrance into digital commerce, as well as a great expansion of Macy’s stores and a recent business slump. After he graduated from the University of Arizona in 1974, he immediately went to work for Federated Department Stores and rose quickly through the ranks. At the age of 35, he was leading the upscale specialty Bullocks Wilshire division in Los Angeles. That store closed and was acquired in 1994 by Southwestern Law School, which has its library there.
Lundgren leaves Macy’s as a company with fiscal 2016 sales of $25.7 billion and 140,000 employees. Lundgren said that the transition to Gennette’s full leadership of the company would be smooth.
“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. I continue to be impressed with Jeff’s leadership, his decisiveness and his engagement with all levels of our outstanding organization,” he said in a statement.
Said Gennette: “We’ve made good progress this year on the path to return Macy’s to growth and drive shareholder value for the long term. We are working hard to close the year out strong and head into 2018 with momentum.”