All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.(Note: additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)
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.