Macy's CEO Lundgren to Step Down in 2017

Terry Lundgren

Macy's Inc said Terry Lundgren will step down as CEO in the first quarter of 2017, as part of the struggling department store operator's plans to revamp its business and improve sales.

Lundgren, who has been the company's CEO since 2003, will be succeeded by Jeff Gennette, Macy's president.

Shares of the company, which has reported falling sales for the last five quarters, were up 1.2 percent at $33.20 in premarket trading on Thursday.

55-year old Gennette and team are well equipped to continue the company's transformation for the next generation of customers and associates, the operator of Macy's and Bloomingdale's chains said in a statement on Thursday.

Lundgren will continue as executive chairman of the company.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)