Jeff Gennette

Terry J. Lundgren, Macy’s Inc. chief executive officer since 2003 and chairman since 2004, will be succeeded as ceo by Jeff Gennette in the first quarter of 2017.

Gennette has been president of Macy’s since 2014. Beyond the first quarter of 2017, Lundgren will continue as executive chairman and work side-by-side with Gennette who will continue as president as well as ceo.

Gennette has joined the Macy’s board of directors, 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.

“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.

“I have been honored to lead this enterprise through a period of unprecedented reinvention,” Lundgren said. “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. 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.”