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NEW YORK, United States — Macy's Inc. chief executive officer Terry Lundgren, who has run the department-store chain for more than a decade, will pass the job to president Jeff Gennette in the first quarter of 2017.
Lundgren, 64, will remain executive chairman after the transition, the Cincinnati-based company said in a statement Thursday. Gennette, who was named president in 2014, also will be joining the board immediately. That brings the size of the body to 14 members.
Macy’s shares fell 1.1 percent to $32.44 at 9 a.m. in early trading in New York after the announcement. The stock had dropped 6.2 percent this year through Wednesday.
By Nick Turner.
