NEW YORK — Macy’s says its executive chairman Terry Lundgren, who stepped down as CEO in March, will retire from the board.
The company said Friday its board has appointed Jeff Gennette, who succeeded Lundgren in his CEO spot, to the additional role of chairman. The moves, effective Jan. 31, will complete the transition announced in June 2016.
Like many department stores, Macy’s has seen sales suffer as it wrestles with shoppers’ increasing shift away from clothing and more toward experiences like spas.
