Macy’s Executive Chairman Terry Lundgren to Retire
December 08 2017 - 4:30PM
Business Wire
Jeff Gennette appointed Chairman and Marna
Whittington remains Lead Independent Director
Macy’s, Inc. (NYSE:M) today announced that Executive Chairman
Terry Lundgren will retire from the board of directors effective
Jan. 31, 2018. The board has appointed Jeff Gennette, who has been
CEO since March 2017, to the additional role of Chairman effective
Jan. 31, 2018. This will complete the planned transition that was
announced in June 2016. Marna Whittington remains Lead Independent
Director. Following Lundgren’s retirement, the board will have 10
directors.
“I am proud of our company’s growth, accomplishments and the
talent we developed during the 14 years I have led Macy’s, Inc.,”
Lundgren said. “I have worked closely with Jeff and his team over
the past two years, focusing on the changes and vision required for
future success. I am confident that the company has the strategies,
resources, talent and leadership to capitalize on the fundamental
shifts in consumer shopping patterns we have all experienced. I
continue to be impressed with Jeff’s leadership, his decisiveness
and his engagement with all levels of our outstanding organization.
I would also like to thank the 140,000 employees of Macy’s,
Bloomingdale’s and Bluemercury who make up the most talented retail
workforce in America! It has been an honor to work with you.”
“We thank Terry for his many contributions to Macy’s,” said
Whittington. “Jeff has the full confidence of the board and we look
forward to him executing on the company’s strategic plan intended
to return the company to growth.”
“Terry has been an outstanding leader for Macy’s and an
inspiration for the industry. I thank him for the guidance he has
given me during this transition period and wish him all the best in
his well-deserved retirement from Macy’s, Inc.,” said Gennette.
“We’ve made good progress this year on the path to return Macy’s to
growth and drive shareholder value for the long term. We are
working hard to close the year out strong and head into 2018 with
momentum.”
Macy’s, Inc. is one of the nation’s premier retailers. With
fiscal 2016 sales of $25.778 billion and approximately 140,000
employees, the company operates more than 700 department stores
under the nameplates Macy’s and Bloomingdale’s, and approximately
160 specialty stores that include Bloomingdale’s The Outlet,
Bluemercury and Macy’s Backstage. Macy’s, Inc. operates stores in
45 states, the District of Columbia, Guam and Puerto Rico, as well
as macys.com, bloomingdales.com and bluemercury.com. Bloomingdale’s
stores in Dubai and Kuwait are operated by Al Tayer Group LLC under
license agreements. Macy’s, Inc. has corporate offices in
Cincinnati, Ohio, and New York, New York.
All statements in this press release that are not statements of
historical fact are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such
statements are based upon the current beliefs and expectations of
Macy’s management and are subject to significant risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by the forward-looking statements contained
in this release because of a variety of factors, including
conditions to, or changes in the timing of, proposed real estate
and other transactions, prevailing interest rates and non-recurring
charges, store closings, competitive pressures from specialty
stores, general merchandise stores, off-price and discount stores,
manufacturers’ outlets, the Internet, mail-order catalogs and
television shopping and general consumer spending levels, including
the impact of the availability and level of consumer debt, the
effect of weather and other factors identified in documents filed
by the company with the Securities and Exchange Commission. Macy’s
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171208005672/en/
Macy’s, Inc.Media – Radina Russell,
646-429-7358media@macys.comorInvestors – Monica Koehler,
513-579-7780investors@macys.com
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