Macy’s CEO Terry Lundgren to Pass Reins to Deputy Next Year
- Designated CEO Jeff Gennette ran West Coast operations
- Department-store chain plans to ‘reset’ its business model
Macy's Turns to Jeff Gennette as CEO Succeeding Lundgren
This article is for subscribers only.
Macy’s Inc. Chief Executive Officer Terry Lundgren will pass the job to President Jeff Gennette in the first quarter of 2017, entrusting his top deputy with the task of turning around the largest department-store company in the U.S.
Lundgren, who has served as CEO since 2003, will remain executive chairman after the transition, the Cincinnati-based company said in a statement Thursday. Investors applauded the move, sending the shares up as much as 4.9 percent in New York.