Macy’s Executive Chairman Terry Lundgren, who stepped down as chief executive officer earlier this year, will retire from the department store chain’s board of directors in 2018, the company announced Friday.
In turn, CEO Jeff Gennette will replace Lundgren on a board of 10 directors. The changes will be effective Jan. 31 of next year.
“I have worked closely with Jeff and his team over the past two years, focusing on the changes and vision required for future success,” Lundgren said in a statement. “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.”
In a June interview with the Wall Street Journal, Lundgren had said he planned to stay with Macy’s as long as he could help with the company’s transition.
“I told the board, I’m ready to go when you want me to go,” he told the publication at the time.
Macy’s shares closed Friday up 2 percent, having fallen more than 25 percent in 2017.