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Macy’s CEO Terry Lundgren to Step Down Next Year

After 13 years, Macy’s CEO Terry Lundgren, will step down from his post amid a rough patch for Macy’s as the retailer works to meet modern demands.

Lundgren will transition the role to Jeff Gennette, currently president of Macy’s, Inc., in the first quarter of 2017, a move the company said Thursday was part of a succession plan that included bringing Gennette on as president in 2014.

After next year’s first quarter, Lundgren will continue on as executive chairman, working closely with his replacement. Gennette joins Macy’s board of directors effective Thursday.

Read more at Sourcing Journal.