Macy’s Hires Toys ‘R’ Us Executive Lennox as Marketing Chiefby
Macy’s Inc. hired Toys “R” Us Inc. executive Richard Lennox as its chief marketing officer, bringing in a department-store industry newcomer to help the chain rebrand itself in a changing retail environment.
Lennox, 51, succeeds Martine Reardon, who left Macy’s in May, the Cincinnati-based company said Thursday in a statement. He’ll start on Sept. 15.
The move signals Macy’s is willing to hire from outside of the industry to help it adapt to an era where consumers are shopping more online and less at malls. Before Toys “R” Us, Lennox had stints at Zales Corp. and the J. Walter Thompson ad agency, where he worked with clients including De Beers diamonds, Kellogg, Nestle, Unilever and Warner Lambert pharmaceuticals. At Macy’s, he’ll be responsible for the company’s branding and marketing strategy in all of its channels, including online and in stores.
Last week, Macy’s announced plans to close about 14 percent of its stores so it can plow resources into better-performing locations and its e-commerce operations. Investors cheered the move, sending the shares up the most in more than seven years.
Macy’s fell 0.6 percent to $40.15 at 12:04 p.m. on Thursday in New York. The shares had gained 16 percent this year through Wednesday.