Published June 26, 2012
Name: Terry Lundgren
Company: Macy's Inc.
Position: CEO, chairman and president
Previous role: Chief operating officer
Education: Bachelor's degree from the University of Arizona (1974)
Quote: "There's room for lots of different styles There doesn't have to be one style; in fact, there shouldn't be one style."
Terry Lundgren, CEO, chairman and president of Macy's Inc. (M), likes to be as involved with his company on as many levels as possible. He reportedly pops into his stores to oversee day-to-day operations and serve as an example for his employees.
Lundgren, is a Long Beach, Calif., native. In 1975, he started his career in retail as a trainee with Bullock's, a division of Federated Department Stores.
Over the next decade, he slowly worked his way up through the company, holding positions in buying, store management, human resources and senior-level store management. He was also the director of stores for his division. In 1984, he became Bullock's senior vice president and general merchandising manager.
A few years later, he was appointed president and CEO of Bullocks Wilshire, Federated's once high-end department store chain. The following year, he left Federated for Neiman Marcus, becoming executive vice president.
In 1993, the Terry J. Lundgren Center for Retailing opened at his alma mater at The University of Arizona's John and Doris Norton School of Family and Consumer Sciences. He remains an active supporter to this day. He returned to Federated in 1994 to become chairman and chief executive officer of the Federated Merchandising Group, and the company doubled in size with strategic acquisitions over an 18-month period.
In 2000, the University of Arizona awarded Lundgren an honorary doctor of laws degree. The following year, Suffolk University awarded him an honorary doctor of commercial sciences degree.
He became president, chief operating officer and chief merchandising officer of Federated in 2003. On June 1, 2007, Federated Department Stores changed its name to Macy's Inc. He has been chairman, president and CEO of the organization since 2004.
Lundgren reportedly has every store manager's cellphone number. Every week he visits a different Macy's store and calls its manager, inviting him or her down to the floor to talk.
He explained, "People now know that I do this a lot. I literally do it every week somewhere. And so we walk through the floor, and they have had no time to prepare for my questions, they've had no time to prepare the store."
He said that he learns a great deal from simply walking through the store with the manager and that these visits are positive for others as well, "to know that I'm listening and to know that I want to see it like our customer sees it."
According to the Form 14A proxy statement filed with the Securities and Exchange Commission, his total 2011 compensation was $17.65 million. This was comprised of his $1.5 million salary, $4.6 restricted stock awards, $3.1 million in option awards, $5.1 million non-equity incentive plan compensation, $3.2 million change in pension value and non-qualified deferred compensation earnings and $78,925 in other compensation, such as use of the company aircraft and car, as well as 401(k) matching contributions. In 2011, 87 percent of his targeted total direct compensation was tied to financial performance, stock performance and corporate objectives.
Lundgrenis a member of the Young Presidents Organization and the Economic Club of New York. He is on the board of Carnegie Hall, The New York City Partnership and United Way of New York City. He also works with the New York City Principal for a Day Program.
He was appointed Commissioner on Women's Economic Development by the Mayor of New York. He has received many awards and recognitions from various organizations: NOW Legal Defense, the Fresh Air Fund, Breast Cancer Awareness, American Jewish Council, Parsons School and the Ovarian Cancer Society.