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Macy's Names New CEO

Jun 27, 2016 8:29 AM   By Rapaport News
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RAPAPORT... Macy’s appointed Jeff Gennette as chief executive officer, replacing Terry Lundgren as part of a succession plan to revitalize the U.S. department store chain.

Gennette (pictured, right) – who has been president of the company since 2014 – will take over the additional role of CEO in the first quarter of 2017. Lundgren (below) will continue as executive chairman and work side-by-side with Gennette, who joined the Macy’s board June 23. He will assume additional management responsibility during a transition period, including overseeing the Macy’s stores organization. 

“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,” Lundgren said. “Our company must and will change in response to the profound secular forces that are driving consumer spending.” 

The change comes after Macy’s said it aims to improve the quality of its jewelry and the skills of its selling staff as part of a plan to improve its performance. Sales fell 7.4 percent to $5.77 billion in the first fiscal quarter after 41 store closures last year.
Tags: department stores, jeff gennette, macy's, Rapaport News, retail, Terry Lundgren, u.s.
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