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Macy's Executive Chairman Terry Lundgren to step down

Department store retailer Macy's Inc. said Dec. 8 that Executive Chairman Terry Lundgren will retire from the company's board of directors, effective Jan. 31, 2018.

Macy's said Jeff Gennette, who has been CEO of the retailer since March, will take on the additional role of chairman the same day. The retailer said the leadership change is part of a planned transition announced back in June 2016.

Marna Whittington remains lead independent director of the Ohio-based retailer. Macy's board will have 10 directors following Lundgren's retirement.

In August, Macy's appointed former eBay Inc. executive Harry Lawton to be president as part of a broader restructuring of its merchandising operations.