Department store operator Macy’s on Friday announced that Executive Chairman Terry Lundgren will retire on January 31.
The retailer named CEO Jeff Gennette as Lundgren’s replacement. Gennette will serve as both chairman and CEO after Lundgren retires.
Macy’s said its board will have 10 directors following Lundgren’s departure.
“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,” Lundgren said in a statement.