News

Macy's CEO to leave role early in 2017

June 27, 2016

After 14 years at the helm, Macy's CEO Terry Lundgren will step down at the start of 2017 and hand the baton to current President Jeff Gennette.

It's the latest shake-up for the legacy retailer which has been busy trying to grab deeper traction among consumers in light of increasing competition online and offline.

Lundgren will remain as executive chairman following his resignation, according to a USA Today report.

"Now is the time to reset our business model...Our company must and will change in response to the profound secular forces that are driving consumer spending," said Lundgren in a release, according to USA Today.

Gennette has been with the company 33 years and has served as president since 2014.