Macy's said on Friday that executive chairman and former CEO Terry Lundgren will retire from the board of directors effective Jan. 31, 2018. Jeff Gennette, who has been CEO since March 2017, will take on the additional role of chairman at that time, the company said.
"This will complete the planned transition that was announced in June 2016," the company said.
"I am proud of our company's growth, accomplishments and the talent we developed during the 14 years I have led Macy's," Lundgren said in a release. "I have worked closely with Jeff and his team over the past two years, focusing on the changes and vision required for future success. I am confident that the company has the strategies, resources, talent and leadership to capitalize on the fundamental shifts in consumer shopping patterns we have all experienced."
"We thank Terry for his many contributions to Macy's," said Marna Whittington, the company's lead independent director. "Jeff has the full confidence of the board and we look forward to him executing on the company's strategic plan intended to return the company to growth."
Macy's shares closed Friday at $25.80, up 2% for the day. Shares were trading in the $30 range at the beginning of the year.
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This article was written by a staff member of TheStreet.