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End of an era at Macy's

The man who grew Macy's into a retail giant is officially leaving the building.

Macy's on late Friday announced that Terry Lundgren will retire as executive chairman, effective Jan. 31, 2018. Jeff Gennette, who suceeded Lundgren as CEO in March 2017, was named to the additional role of chairman, effective Jan. 31, 2018. Following Lundgren’s retirement, the board will have 10 directors.

“I am proud of our company’s growth, accomplishments and the talent we developed during the 14 years I have led Macy’s, Inc.,” Lundgren said. “I have worked closely with Jeff and his team over the past two years, focusing on the changes and vision required for future success."

In his statement, Lundgren expressed confidence that that the company "has the strategies, resources, talent and leadership to capitalize on the fundamental shifts in consumer shopping patterns we have all experienced." He also expressed confidence in Macy's new CEO.

"I continue to be impressed with Jeff’s leadership, his decisiveness and his engagement with all levels of our outstanding organization," Lundgren said.

Lundgren served as CEO of Macy's from 2003 until his retirement early this year.

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