Macy’s is moving forward with its management succession plan as Jeff Gennette has been named CEO, effective the first quarter of 2017.
Named president of Macy’s, Inc. in 2014, Gennette succeeds Terry Lundgren, who has served as company CEO since 2003. Lundgren will continue as executive chairman of Macy’s and work side-by-side with Gennette as president and CEO, company officials said. In addition, Gennette will join Macy’s board of directors, effective June 23, 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.
“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,” Lundgren said. “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.”
Gennette was named president of Macy’s after serving as the retailer’s chief merchandising officer since 2009. From 2008 to 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.
“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 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.”