Macy's Discloses CEO Succession Plan: Terry Lundgren To Step Down In 2017

Macy's, Inc. M revealed that its current CEO and Chairman, Terry Lundgren, would ensure that the transition of CEO position to Jeff Gennette in the first quarter of the next year. According to the company, the transition is part of its succession plan that included Gennette's appointment as President in 2014.

Macy's said after the first quarter of the next year, Lundgren would continue as Executive Chairman and work side-by-side with Gennette as President and CEO. The retailer added that Gennette would join its board effective June 23 to take the total board members to 14.

The company indicated both Lundgren and Gennette would work very closely together on improving current business trends. The company expressed the hope that they would set the stage for changes, which would be disclosed as decisions are finalized.

In his more than three-decade career, Jeff Gennette has demonstrated his leadership skills. Therefore, Macy's is confident of the new CEO leading the next chapter of its history given his in-depth knowledge of the organization, his merchandising acumen and clear insight into the evolution of the retailing landscape.

Its statement said, "The entire board of directors is pleased and we are fortunate that an executive of Jeff's caliber is in place to be the company's next CEO and lead implementation of our going-forward strategies."

On Thursday, Macy's shares traded up 3.2 percent at $33.88.