Macy’s, Inc. (NYSE:M) today announced that Jeffrey Gennette, who has served for the past five years as Macy’s chief merchandising officer, has been elected President of the corporation, effective immediately. He will report to Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer, and continues to be based in New York City.
In this new role, Gennette will retain day-to-day responsibility for Macy’s merchandising functions, as well as oversight of marketing and macys.com. In addition, he assumes oversight responsibility for Macy’s Private Brands organization.
“Jeff Gennette is an outstanding merchant who has proven to be an insightful strategist and strong leader in our company,” Lundgren said. “As our president, with the additional responsibility for Macy’s private brands, Gennette will have a total view of Macy’s merchandise assortment and marketing strategy – both in stores and online – consistent with our omnichannel vision. Our exclusive private brands, which have provided a powerful competitive advantage for Macy’s, will continue to play a vitally important role in delivering fashion, quality and value to our customers.”
Gennette, 52, has been Macy’s chief merchandising officer since 2009. He served as chairman and CEO of Macy’s West for the previous year, and was chairman and CEO of Macy's Northwest in Seattle from December 2005 to February 2008. Before that, Gennette was executive vice president and director of stores for Macy's Central in Atlanta and SVP/general merchandise manager at Macy's West. Gennette joined Macy’s West in 1983 as an executive trainee and held various merchant and store management positions in that division. During his career, Gennette also has served as a store manager for FAO Schwarz and director of stores for Broadway Stores. A native of San Diego, Gennette is a graduate of Stanford University with a degree in English. He lives in New York City.Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2013 sales of $27.931 billion. The company operates about 840 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s and Bloomingdale’s, as well as the macys.com and bloomingdales.com websites. The company also operates 13 Bloomingdale’s Outlet stores. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts