Terry J. Lundgren
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Terry J. Lundgren (b. 1952) is the CEO, Chairman of the Board, President, and Director at Macy's, Inc., the parent company of Macy*s and Bloomingdale's department stores.
Lundgren is also the namesake of the Terry J. Lundgren Center for Retailing at the University of Arizona, where he is also an alumnus, having graduated in 1974 with a Bachelor's degree/B.A.
Career:
- Federated Department Stores: Bullock's division, 1975–1987
- Bullock's Wilshire: 1987, president
- Neiman Marcus: 1988–1994, Chairman/CEO
- Federated Merchandising Group:
- 1994–1996 (head)
- 1997–2001 (Chief Merchandising Officer)
- 2002 - present Company President
- 2003 - present COO
- 2004 – present CEO/Chairman.
Terry was born and grew up in southern California, as one of six children. He was married to Nancy Cross until their divorce; he has two daughters from this marriage. Terry Lundgren remarried Tina Stephan in 2006.
The recent merger of Federated Department Stores, Inc. and May Department Stores, Inc. has created the second largest retail chain in the world, with more than 800 US stores and 2006 net sales of $26.97 Billion USD. The even more recent renaming of Federated Department Stores, Inc. to Macy's, Inc. (official June 1, 2007) and the resulting "rebranding" of all store locations to the Macy's nameplate has caused considerable backlash against Macy's, Inc., who have been accused of taking jobs and revenue away from locally-owned businesses. This rebranding processes has caused significant outcry in the northeast region (where Macy's replaced Filene's) and in the greater Chicago area (where Macy's replaced Marshall Field's). Lundgren admitted only belatedly that this failed strategy "'alienated the customer,' and now they have 'gone elsewhere to shop – like JCPenney or Kohl's.'"[1] Financial results for Macy's stores in turn have suffered.[2]
In April, 2008, Moody's Investors Service says it may downgrade Macy's Inc. stock to just above junk status. That same month, Fitch Ratings downgraded the ratings for Macy's Inc. to BBB- from BBB, noting a deterioration in the company's operating and credit metrics. A rating of BBB- is one notch above junk status.
Macy's Inc. was the first retail store in America to give benefits to gay partners, and also offers many high positions to women.
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[edit] References
- ^ Ruth Ackerman, Retailers' Upscale Move Spurns Customers, Forbes (May 17, 2007).
- ^ James Covert, Why Macy's Slump May Linger, The Wall Street Journal Online (Aug. 15, 2007).
- [1] PeopleParties
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