Macy's Inc. said Thursday that Jeff Gennette will succeed Terry Lundgren as chief executive officer in the first quarter of 2017. Thereafter, Lundgren, who has been CEO since 2003 and chairman since 2004, will continue as executive chairman and work alongside Genenette as president and CEO. Gennette joins the Macy's board, effective immediately, bringing the number of members to 14. He was named president of Macy's in March 2014 after serving as chief merchandising officer from 2009. He has worked with Macy's since 1983. Macy's shares are down 1.1% in premarket trading, and down 53.2% for the last 12 months. The S&P 500 is down 1.8% for the last year.
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