Macy's Elevates Merchandising Chief to President

Macy’s (NYSE:M) announced on Monday the promotion of chief merchandising officer Jeffrey Gennette to the position of president, expanding the department store executive’s portfolio to include oversight of marketing, private brands and

Gennette, 52, had been serving as chief merchandising officer since 2009 and was chairman and CEO of Macy’s West and Macy’s Northwest before that.

The department store said Gennette will report directly to Macy’s CEO Terry Lundgren and remain based in New York City.

"Jeff Gennette is an outstanding merchant who has proven to be an insightful strategist and strong leader in our company,” Lundgren said in a statement.

Macy’s said Gennette will now be put in charge of the company’s private brands organization, marketing and the retailer’s online operations as well. Macy’s said he will also remain responsible for merchandising functions.

Shares of Cincinnati-based Macy’s rose 0.92% to $59.46 Monday afternoon, extending their 2014 rally to 11.4%.