Macy’s, Inc. Announces Executive Management Changes

  Macy’s, Inc. Announces Executive Management Changes

Business Wire

CINCINNATI -- January 28, 2013

Macy’s, Inc. (NYSE:M)today announced a series of changes to its senior
executive leadership team, effective immediately.

Thomas L. Cole is retiring as Macy’s, Inc.’s chief administrative officer
after an exceptional 41-year career with Macy’s, Inc. and its predecessor
companies. He will remain with the company through May 2013 to affect a smooth
transition to several other executives. His responsibilities have been
re-assigned as follows:

  *William S. Allen has joined Macy’s, effective today, as chief human
    resources officer. Allen, a seasoned corporate human resources executive
    who previously served as senior vice president of AP Moller-Maersk A/S,
    joins the Macy’s executive committee and reports to Terry J. Lundgren,
    chairman, president and chief executive officer. Allen will oversee
    Macy’s, Inc.’s human resources, diversity strategies, and corporate
    communications and external affairs functions. In addition, Allen will
    have administrative responsibility for the law function that reports
    directly to Lundgren.
  *Robert B. Harrison, previously Macy’s executive vice president for
    omnichannel strategy, is assuming the newly-created role of chief
    omnichannel officer, reporting to Lundgren. He also will join the
    company’s executive committee. In addition to his existing role managing
    the development of strategies to closely integrate the company’s stores,
    online and mobile activities, Harrison will assume responsibility for
    systems and technology, logistics and related operating functions.
  *Karen M. Hoguet, Macy’s, Inc. chief financial officer, will assume
    additional responsibility for credit and customer services, real estate,
    non-merchandise purchasing and sustainability. All of the company’s
    finance and accounting functions report to Hoguet. In addition, she will
    have administrative responsibility for the internal audit function that
    reports directly to Lundgren. Hoguet is a member of the Macy’s executive
    committee and reports to Lundgren.
  *Peter Sachse, Macy’s chief stores officer, will assume additional
    responsibility for store planning, design and construction. The company’s
    nationwide portfolio of Macy’s stores, as well as the region, district and
    central stores organization and visual merchandising, continue to report
    to Sachse. He is a member of the Macy’s executive committee and reports to

“Our company remains on a path of continuous improvement and growth, and the
foundation of our success is the strength of talent at every level of our
organization,” Lundgren said. “These adjustments to our senior leadership team
provide continuity and strengthen our ability to innovate as we work to
maximize results in the years ahead from our core business strategies,
including My Macy’s localization, omnichannel alignment, and customer

“Our company and I owe a great debt of gratitude for the skill and leadership
of Tom Cole in guiding the company’s operations and key corporate functions
through periods of unprecedented change. Tom’s influence has been particularly
profound over the past seven years as we integrated the acquisition of The May
Department Stores Company, migrated to the nationwide Macy’s brand, developed
new business and organization structures, aggressively pursued our omnichannel
vision and improved our customer shopping experience. Tom played a key role in
these subjects and many, many more. While we wish Tom continued health and
happiness in the next chapter of his life, I am confident in knowing that ours
is a better and stronger company today because of his exceptional work over
the past four decades,” Lundgren said.

Executive Bios

Tom Cole, 64, began his career in 1972 at Allied Stores Corporation (later
combined with Federated Department Stores, Inc., the corporate predecessor of
Macy’s, Inc.). He joined Federated in 1980 as vice president/controller of the
company’s then -I. Magnin division in California. From 1983-87, Cole was
senior vice president/finance and administration at Federated Merchandising
Group (FMG). He moved to the Lazarus department store division as senior vice
president/financial services in 1987 and from 1988-95 served as president of
FMG. He was named chairman of Federated Logistics & Operations in 1995 and
assumed additional responsibilities for the Federated Systems Group (FSG) in
2001 and Federated’s Financial, Administrative and Credit Services (FACS)
division in 2002. Cole was elected a vice chair of Macy’s, Inc. in 2003 and
served in this role until 2009 when he was appointed chief administrative
officer. A native of St. Louis, MO, Cole is a graduate of Kent State

Bill Allen, 55, most recently was senior vice president for global human
resources at AP Moller-Maersk A/S, a large and diverse company with interests
in transportation and energy businesses based in Copenhagen, Denmark. He
joined that company in 2003 as senior vice president for human resources and
communications in New Jersey before moving to Copenhagen in a global role in
2006. Previously, he served in senior-level human resources roles at Atlas Air
Worldwide Holdings from 1997 to 2003 and at the Pizza Hut and Frito-Lay
divisions of PepsiCo. from 1985 to 1997. Allen began his career at RCA
Corporation. A native of Scotch Plains, NJ, he holds a bachelor’s degree in
business from Auburn University and a master’s degree in industrial and labor
relations from the University of North Texas. Allen will be relocating to the
New York City area.

R. B. Harrison, 49, has served as Macy’s executive vice president for
omnichannel strategy since July 2012, having previously been executive vice
president for finance since 2011, president for stores since 2009 and
president and chief operating officer of Macy’s West since 2008. Harrison
became president and chief operating officer of Macy’s Northwest in February
2006 following Macy’s, Inc.’s acquisition of May Company. Previously, he had
been chairman of Robinsons-May since October 2004, having served as the
division’s senior vice president and chief financial officer since June 2002,
as well as the senior vice president for finance of the Meier & Frank division
before it was merged with Robinsons-May. A native of Pittsburgh, Harrison
began his career at the Kaufmann’s division in 1986 as an accounting analyst
and served in positions of increasing responsibility before becoming vice
president and controller of Kaufmann’s. Harrison holds a degree in finance
from Pennsylvania State University and an MBA from the University of
Pittsburgh. He lives in the New York City area.

Karen Hoguet, 56, has served as Macy’s, Inc.’s chief financial officer since
1997. Upon joining the company in 1982 from the Boston Consulting Group in
Chicago, she served as a senior consultant in marketing and long-range
planning from 1982-85 before being named director of capital and business
planning. Hoguet was named operating vice president of planning and financial
analysis in 1987, elected a corporate vice president in 1988 and as senior
vice president of planning in 1991. She added the title of corporate treasurer
a year later, and subsequently assumed responsibility for tax, accounting and
other financial functions. A native of Cincinnati and a Phi Beta Kappa
graduate of Brown University, Hoguet received a master’s degree in business
administration from Harvard University. She lives in Cincinnati.

Peter Sachse, 54, was named Macy’s chief stores officer in February 2012. He
previously was Macy’s chief marketing officer since February 2009, along with
serving as chairman and CEO of since April 2006. He was president of
Macy’s Corporate Marketing from 2003 to 2006. Prior to serving in these roles,
Sachse was president and chief operating officer of The Bon Marché in Seattle.
He began his retail career with Macy's in Kansas City and was a division
merchandise manager at Macy’s/Bullock's in Atlanta. He was also executive vice
president/general merchandise manager at Macy's East and was later promoted to
vice chair/director of stores of Macy’s East. A native of Sheboygan, WI,
Sachse lives in the New York City area. He is a graduate of the University of

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the
nation’s premier retailers, with fiscal 2011 sales of $26.4 billion. The
company operates about 840 department stores in 45 states, the District of
Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s,
as well as the and websites. The company also
operates 12 Bloomingdale’s Outlet stores. Bloomingdale’s in Dubai is operated
by Al Tayer Group LLC under a license agreement.

All statements in this press release that are not statements of historical
fact are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based upon the
current beliefs and expectations of Macy’s management and are subject to
significant risks and uncertainties. Actual results could differ materially
from those expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including conditions to, or
changes in the timing of, proposed transactions, prevailing interest rates,
changes in expected synergies, cost savings and non-recurring charges,
competitive pressures from specialty stores, general merchandise stores,
manufacturers' outlets, off-price and discount stores, new and established
forms of home shopping (including the Internet, mail-order catalogs and
television) and general consumer spending levels, including the impact of the
availability and level of consumer debt, the effect of weather and other
factors identified in documents filed by the company with the Securities and
Exchange Commission.

(NOTE: Additional information on Macy’s, Inc., including past news releases,
is available at


Macy’s, Inc.
Jim Sluzewski, 513-579-7764
Matt Stautberg, 513-579-7780
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