Terry J. Lundgren, Macy’s Inc.’s CEO since 2003 and Chairman since 2004, will transition the position of CEO to Jeff Gennette in the first quarter of 2017. Gennette will join the Macy’s, Inc. board of directors, effective today – bringing the size of the board to 14 members. He will assume additional management responsibility during the transition period, including oversight of the Macy’s stores organization.
In an effort to get ship more orders to more customers throughout the central and southern regions in the U.S., Macy’s announced plans to build a new $170 million direct-to-consumer fulfillment center in Tulsa County, OK.
In an effort to save nearly $100 million annually, Macy’s has laid out a cost reduction plan which includes laying off 2,500 workers and the closing of a handful of its brick-and-mortar stores.
In what Macy’s is calling a continual effort to connect with the ever changing consumer, CEO Terry Lundgren announced plans to see a total of 500 stores double as fulfillment centers by the end of 2013.