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What We Know About Macy's New CEO Jeff Gennette

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What We Know About Macy's New CEO Jeff Gennette

With the retail industry in turmoil amid shifting consumer trends, Macy’s Inc (NYSE: M) had to be strategic in its selection of new leadership. It came up with Jeff Gennette, who on Thursday added “CEO” alongside his previous title of president.

“Jeff Gennette is an extraordinary leader who has distinguished himself as a skilled merchant and retail operator,” former CEO Terry Lundgren said in a June statement announcing the transition. “He has worked closely with me over the past two years as president of Macy’s, Inc. in a first step in this succession process, and we are closely aligned on creating a compelling and sustainable path forward.”

Gennette's History

A Stanford University graduate, Gennette is a long-time Macy’s veteran with 34 years of experience.

He joined the company in 1983 as a Macy’s West executive trainee and swiftly secured leadership roles of increasing responsibility. His tenure included three years as company president, five as chief merchandising officer and more than three as regional CEO, chairman and executive vice president.

Macy's Future

According to Fortune, one of Gennette’s main projects will be the leasing of Macy’s real estate to outside retailers to build upon his predecessor’s partnerships with Best Buy Co Inc (NYSE: BBY), Finish Line Inc (NASDAQ: FINL), Lids and other specialty stores.

Under his leadership, the company will also evaluate tested strategies to install clearance sections, reduce coupons, diminish the role of sales associates and emphasize beauty products.

Macy’s shares opened down nearly 1 percent Friday to begin Gennette’s second day on the new job.

Related Link:

Macy’s, Not Amazon, Is Responsible For Its Own Failures

Posted-In: Fortune Jeff Gennette Terry LundgrenNews Management Movers Best of Benzinga

 

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