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Terry Lundgren

Macy's chief merchant named president in possible succession move

Macy's Inc said on Monday it promoted its chief merchandising officer, Jeffrey Gennette, to president of the company, in a move that positions him to potentially become the retailer's next chief executive.In addition to continuing to serve as Macy's Inc's chief merchant, Gennette will manage Macy's in-house brands, such as INC, which generate 20 percent of company revenue. Gennette also oversees the department store chain's marketing and e-commerce.The chief executive of Macy's, Terry Lundgren, who is giving up the title of president, declined to say whether the appointment was connected to the company's succession planning. But he said the promotion was an endorsement of Gennette's importance to the retailer."It's a clear message that this is one of our top-performing individuals to give him such as huge responsibility," Lundgren, 62, told Reuters in an interview.Lundgren has been CEO since February 2003. On his watch, Macy's has pulled ahead of rivals such as J.C. Penney Co Inc , Koh...

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