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American retailer Macy’s elects new CEO

Published 24 March 2017

US retailer Macy’s' board of directors has elected Jeff Gennette as chief executive officer (CEO).

As previously announced, Gennette succeeds Terry J. Lundgren, who will continue as executive chairman.

Lundgren said: “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.

“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.

"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.”



Source: Company Press Release