On June 23, Macy’s, Inc. announced Terry Lundgren, the company’s CEO since 2003, will step down in the first quarter of 2017, to be succeeded by President Jeff Gennette. Effective today, Gennette will join the company’s Board of Directors. Following his retirement as CEO, Lundgren will remain on the Board as Executive Chairman. This transition is part of a succession plan drafted in 2014 associated with Gennette’s appointment as President. The 13-year tenure of Terry Lundgren was characterized by innovation in Macy’s merchandising, branding and localization areas. Lundgren is responsible for nearly doubling sales for the company and growing Macy’s online business. He was a key component in developing the company’s private brands of merchandise over the years. Lundgren led the 2005 merger of Federated Department Stores, Inc. and May Department Stores, Inc., which created one of the largest retailers in the world. Lundgren developed a prototype to evolve the department store format, which is being tested in Easton Town Center in Columbus, Ohio. The store also uses analytics and sales data to guide business strategy. Gennette joined the company more than 30 years ago. He launched his retail career in 1983 as an executive trainee at Macy’s West. In 2004, Gennette was chosen to be Executive Vice President and Director of Stores at Macy’s Central in Atlanta. He then continued his Macy’s journey in Seattle where he served as Chairman and Chief Executive Officer of Macy’s Northwest from February 2006 to February 2008. Apart from Macy’s, Gennette also worked as a store manager for FAO Schwarz and as Director of Stores for Broadway Stores, Inc. He is a graduate of Stanford University. Since he was named President, Gennette has focused on implementing growth strategies that use Macy’s omni-channel business to attract new shoppers and strengthen customer relationships. Lundgren’s current focus remains on reducing costs and creating a leaner company. After joining the Board of Directors today, Gennette will work more closely with Lundgren to accomplish these goals by assuming additional responsibility overseeing the Macy’s stores organization. The two will continue to work together on resetting Macy’s business model to succeed in a rapidly changing consumer market. The chart below outlines the major management changes and their career histories since 1990. The hiring of a new executive is denoted by a plus (+) sign and the departure of an executive with a minus sign (-).