As expected, Terry J. Lundgren is officially retiring from Macy’s Inc. and its board on Jan. 31, at which time Jeffrey Gennette, chief executive officer, will add the title of chairman.
Last March, Lundgren stepped down as chairman and ceo, and has since been executive chairman. Gennette became ceo in March.
Marna Whittington remains Macy’s lead independent director. Following Lundgren’s retirement, the board will have 10 directors.
“I am proud of our company’s growth, accomplishments and the talent we developed during the 14 years I have led Macy’s Inc.,” Lundgren said. “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.”
Lundgren has been one of the nation’s highest-profile retail executives. Chairing the National Retail Federation twice added to his stature.
During his tenure as ceo, Macy’s made several bold moves, including buying May Department Stores, thereby doubling the size of the company; taking the company overseas for the first time by locking in licensed Bloomingdale’s stores in the Mideast; localizing assortments, and rolling out leased shops within Macy’s stores to broaden the assortment, such as with Finish Line, Apple and Sunglass Hut. Many vendors credit him with bringing some sizzle back to Macy’s selling floors, and steering the company successfully through tough recession years. Most of his years in command at Macy’s were marked by sales and profit gains. Lundgren himself considers one of his most important accomplishments providing for succession planning, having elevated Gennette and preparing him to take over, well in advance.
Lundgren became ceo in February 2003 and chairman and ceo in January 2004. Earlier, he was president, a title he also assumed in February 2003.
“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.”