Macy's Inc. -- one of the biggest traditional department-store chains in Colorado and nationwide -- Thursday named a replacement for longtime CEO Terry Lundgren, after a tumultuous year and a half that saw the retail giant lose half of its share value as it struggles to find its place in a shifting economic environment.
Cincinnati-based Macy's (NYSE: M) said that current President Jeff Gennette will take over as CEO from Lundgren in the first quarter of 2017. Lundgren will remain on as executive chairman.
Gennette will take over a company in flux. On May 11, Macy’s reported its worst sales quarter since the Great Recession, and its stock price fell 15 percent the day after the release to reach its lowest level since 2011.
Macy's – and most department stores – have struggled as consumers shift their attention away from malls and toward the Internet. Amazon is poised to overtake Macy's as the largest apparel retailer by next year.
But it's not just Amazon. Macy's has been negatively impacted by the strong U.S. dollar, which is causing a decline in tourist spending. And a year of unseasonable weather has depressed sales.
Read more at the Denver Business Journal: http://bit.ly/28QOoci
