MACY’S EXECUTIVE CHAIRMAN TERRY LUNDGREN TO RETIRE IN JANUARY

Macy’s has announced that executive chairman Terry Lundgren will retire from the board of directors effective January 31, 2018. The board has appointed Jeff Gennette, who has been CEO since March 2017, to the additional role of chairman effective on the same day. This will complete the planned transition that was announced in June 2016. Marna Whittington remains the 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.,” said Lundgren. “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,” added 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.”