Macy’s, Inc. Board of Directors Elects Jeff Gennette Chief Executive Officer

CINCINNATI–(BUSINESS WIRE)–Macy’s, Inc. (NYSE:M) today announced that its board of directors has
unanimously elected Jeff Gennette chief executive officer, effective
today. As previously announced, Gennette succeeds Terry J. Lundgren, who
will continue as executive chairman.


“Jeff will be a terrific CEO for Macy’s, Inc. He has a deep knowledge of
this company, coupled with the vision and determination to continue
Macy’s transformation for the next generation. Jeff has a proven track
record as a successful retail operator, seasoned merchant and business
leader and has contributed significantly to the company’s long history
of success,” said Lundgren. “I’ve been honored to lead this great
company, am thrilled to be passing the baton to such an exceptional
leader, and look forward to my continued role on the board of directors.”

“It’s a very meaningful day for me as I take on leadership of the
company I’ve worked for and the colleagues I’ve worked with for more
than 30 years. I’m honored to be taking on this role and excited about
Macy’s prospects. While we certainly have our challenges, we also have
great assets and opportunity. No company is better up to the task of
re-invention than Macy’s,” said Gennette. “I want to personally thank
Terry Lundgren for his leadership, his mentorship, and the support he
has shown me over my career at Macy’s. Terry is a legend in retail and
no one could have asked for a better teacher.”

Marna C. Whittington, Macy’s, Inc. lead independent director, added,
“Jeff is an extremely talented executive who has had an enormous impact
on the Macy’s, Inc. organization over his tenure. We are confident that
he will be a strong leader, guiding the company on the path to growth
and increasing shareholder value. On behalf of the entire board of
directors, I also want to thank Terry for his outstanding leadership. We
are happy to continue our partnership with him in his role of executive
chairman.”

About Jeff Gennette:

Jeff Gennette was elected president and chief executive officer on March
23, 2017. Prior to CEO, Gennette was president of Macy’s, Inc. since
March 2014. Previously, he was chief merchandising officer of Macy’s,
Inc. (formerly known as Federated Department Stores, Inc.), a position
to which he was appointed in February 2009.

Gennette began his retail career in 1983 as an executive trainee at
Macy’s West in San Francisco. He held positions of increasing
responsibilities, including vice president and division merchandise
manager for men’s collections, and senior vice president and general
merchandise manager for men’s and children’s. In 2004, Gennette was
appointed executive vice president and director of stores at Macy’s
Central in Atlanta. During his career, he also served as a store manager
for FAO Schwarz and director of stores for Broadway Stores, Inc. From
February 2006 to February 2008, Gennette served as chairman and chief
executive officer of Seattle-based Macy’s Northwest. February 2008 to
February 2009 brought him back to San Francisco as chairman and CEO of
Macy’s West.

About Terry Lundgren:

Terry Lundgren is executive chairman of Macy’s, Inc. and chairman of the
board of directors, roles to which he was elected on March 23, 2017.
Previously, Lundgren was chairman and chief executive officer of Macy’s,
Inc. since January 2004, and also served as president and CEO from
February 2003 to March 2014. Prior to 2003, he served as president and
chief merchandising officer since May 1997.

Lundgren began his retailing career in 1975 as a trainee with Bullock’s,
a Los Angeles-based division of Federated. He held positions of
increasing responsibility over the next decade in buying, store
management, human resources and senior-level store management, as well
as serving as the division’s director of stores. Lundgren was named
senior vice president and general merchandising manager of Bullock’s in
1984. In 1987, he was named president and chief executive officer of
Bullocks Wilshire, then an upscale chain of specialty department stores
owned by Federated.

Lundgren left Federated in 1988 to join Neiman Marcus, where he served
as executive vice president and shortly thereafter was named chairman
and chief executive officer. He returned to Federated in April 1994 as
chairman and chief executive officer of the Federated Merchandising
Group.

About Macy’s, Inc.

Macy’s, Inc. is one of the nation’s premier retailers. With fiscal 2016
sales of $25.778 billion and approximately 140,000 employees, the
company operates more than 700 department stores under the nameplates
Macy’s and Bloomingdale’s, and approximately 125 specialty stores that
include Bloomingdale’s The Outlet, Bluemercury and Macy’s Backstage.
Macy’s, Inc. operates stores in 45 states, the District of Columbia,
Guam and Puerto Rico, as well as macys.com, bloomingdales.com and
bluemercury.com. Bloomingdale’s stores in Dubai and Kuwait are operated
by Al Tayer Group LLC under license agreements. Macy’s, Inc. has
corporate offices in Cincinnati, Ohio, and New York, New York.

Contacts

For Macy’s, Inc.
Media:
Claudia Gray, Brunswick Group,
212-333-3810
or
Investors:
Matt Stautberg, 513-579-7780