Macy’s Lundgren To Retire

Terry Lundgren will leave Macy’s early in 2018 as the retailer’s executive chairman will retire from the board of directors.

The company’s board of directors has appointed Jeff Gennette, who replaced Lundgren as company CEO and served in that position since March 2017, to the additional role of chairman effective January 31, 2018. Marna Whittington remains lead independent director. Following Lundgren’s retirement, the board will have 10 directors.

“Terry has been an outstanding leader for Macy’s and an inspiration for the industry. I thank him for the guidance he has given me during this transition period and wish him all the best in his well-deserved retirement from Macy’s, Inc.,” 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.”