Macy’s CEO Stepping Down Next Year

Current president Jeff Gennette, a 33-year veteran of the company, is taking over

Terry J. Lundgren, who has headed Macy’s for more than a dozen years, will step down as CEO in the first quarter of 2017.

Jeff Gennette (pictured), the retailer’s current president and a 33-year veteran of the company, will take over for Lundgren next year, part of the board of directors’ succession plan.

Gennette, 55, was named Macy’s president in March 2014 after serving as the company’s chief merchandising officer, and, before that, chairman and CEO of Macy’s West. He began his retail career as an executive trainee at Macy’s West.

Following the transition, Lundgren will continue as executive chairman, working with Gennette. He was first appointed CEO in 2003 and chairman in 2004.

During the transition, Gennette will oversee the Macy’s stores’ organization.

Amid falling same-store sales, Macy’s has announced it will revamp its jewelry department.

(Photo courtesy of Macy’s)

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