Macy's executive chairman Terry Lundgren retires from board

By ANNE D'INNOCENZIO Markets Associated Press

Macy's says its executive chairman Terry Lundgren, who stepped down as CEO in March, will retire from the board.

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The company says 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.

Following Lundgren's retirement, the board will have 10 directors.

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. And when they are buying clothing, they're doing it online or at places like T.J. Maxx.

Macy's has been embracing new ways to turn around a string of sales declines for established stores, from selling gadgets to expanding into off-price retailing.