Federated Department Stores
CEO and president, will soon add "chairman" to his collection of titles.
Effective Jan. 15, Lundgren, 51, will succeed James Zimmerman, 59, the company's current chairman. Zimmerman, who preceded Lundgren as CEO, is retiring.
Zimmerman's retirement is due to his age and is part of a previously stated plan, company spokeswoman Carol Sanger said.
took over from Zimmerman as CEO in February.
Like other department store chains, Federated has struggled with declining sales and profits. In the first nine months of this fiscal year, the company earned $233 million, or $1.25 a share, on $10.21 billion in sales. Over the same period a year ago, the company posted profits of $477 million, or $2.37 a share, on $10.42 billion in sales.
In recent trading, Federated shares were off $1.68, or 3.6%, to $45.43.