Macy’s, the nation’s largest department store chain, has a new Chief Executive Officer.
Jeff Gennette was voted unanimously by Macy’s Board of Directors as the new CEO. He has been President of the company since 2014. Gennette succeeds Terry Lundgren, who will continue as Macy’s executive chairman.
Macy’s operates over 700 department stores under the Macy’s and Bloomingdale’s brand. The company plans to close 100 stores this year due to declining sales from e-commerce and discount competitors.
“Jeff will be a terrific CEO for Macy’s, Inc. He has a deep knowledge of this company, coupled with the vision and determination to continue Macy’s transformation for the next generation. Jeff has a proven track record as a successful retail operator, seasoned merchant and business leader and has contributed significantly to the company’s long history of success,” said Lundgren. “I’ve been honored to lead this great company, am thrilled to be passing the baton to such an exceptional leader, and look forward to my continued role on the board of directors.”
“It’s a very meaningful day for me as I take on leadership of the company I’ve worked for and the colleagues I’ve worked with for more than 30 years. I’m honored to be taking on this role and excited about Macy’s prospects. While we certainly have our challenges, we also have great assets and opportunity. No company is better up to the task of re-invention than Macy’s,” said Gennette. “I want to personally thank Terry Lundgren for his leadership, his mentorship, and the support he has shown me over my career at Macy’s. Terry is a legend in retail and no one could have asked for a better teacher.”
Marna C. Whittington, Macy’s, Inc. lead independent director, added, “Jeff is an extremely talented executive who has had an enormous impact on the Macy’s, Inc. organization over his tenure. We are confident that he will be a strong leader, guiding the company on the path to growth and increasing shareholder value. On behalf of the entire board of directors, I also want to thank Terry for his outstanding leadership. We are happy to continue our partnership with him in his role of executive chairman.”
Gennette was elected president and chief executive officer on March 23, 2017. Prior to CEO, Gennette was president of Macy’s, Inc. since March 2014. Previously, he was chief merchandising officer of Macy’s, Inc. (formerly known as Federated Department Stores, Inc.), a position to which he was appointed in February 2009.
Gennette began his retail career in 1983 as an executive trainee at Macy’s West in San Francisco. He held positions of increasing responsibilities, including vice president and division merchandise manager for men’s collections, and senior vice president and general merchandise manager for men’s and children’s. In 2004, Gennette was appointed executive vice president and director of stores at Macy’s Central in Atlanta. During his career, he also served as a store manager for FAO Schwarz and director of stores for Broadway Stores, Inc. From February 2006 to February 2008, Gennette served as chairman and chief executive officer of Seattle-based Macy’s Northwest. February 2008 to February 2009 brought him back to San Francisco as chairman and CEO of Macy’s West.