Macy’s Administration Chairman Terry Lundgren, who stepped down as chief executive narc earlier this year, will retire from the department warehouse chain’s board of directors in 2018, the company announced Friday.
In repel, CEO Jeff Gennette will replace Lundgren on a board of 10 principals. The changes will be effective Jan. 31 of next year.
“I have introduced closely with Jeff and his team over the past two years, blurring on the changes and vision required for future success,” Lundgren said in a disclosure. “I am confident that the company has the strategies, resources, talent and leadership to capitalize on the underlying shifts in consumer shopping patterns we have all experienced.”
In a June press conference with the Wall Street Journal, Lundgren had said he planned to visit with Macy’s as long as he could help with the company’s change.
“I told the board, I’m ready to go when you want me to go,” he told the publication at the in unison a all the same.
Macy’s shares closed Friday up 2 percent, having fallen uncountable than 25 percent in 2017.