Terry J. Lundgren (born 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. In 2000, Lundgren was awarded the Honorary Doctor of Laws degree and delivered the university's commencement address.
Lundgren was born and raised in Southern California, as one of six children. After graduating college, he joined Federated and rose quickly to lead the upscale specialty Bullocks Wilshire division in Los Angeles at age 35. Lundgren was married to Nancy Cross until their divorce; he has two daughters from this marriage. Lundgren married Tina Stephan in 2006.
Through his career at Federated/Macy's, Lundgren is credited with being an innovator in merchandising, branding and localization. He was instrumental in developing the company's private brands of merchandise, which have been among the best-selling and fastest-growing in the retail industry.
Lundgren led the 2005 merger of Federated Department Stores, Inc. and May Department Stores, Inc., creating one of the largest retailers in the world, with more than 800 U.S. stores and 2008 net sales of US$24.9 billion.
Lundgren has been awarded numerous honors. In 2008, he received the Gold Medal Award from the National Retail Federation, considered the retailing industry's pre-eminent honor.
Lundgren is very active in the community. He has been appointed Commissioner on Women's Economic Development by the Mayor of New York. He has been presented with several business recognition awards and has served as dinner chairman or as honoree for numerous retail industry organizations and charities, including the Fresh Air Fund, American Jewish Council, Breast Cancer Awareness, NOW Legal Defense, Parsons School and the Ovarian Cancer Society. Lundgren currently serves on the boards of Carnegie Hall, The New York City Partnership and United Way of New York City, as well as participating in numerous other charitable and civic efforts.
In spring 2008, Lundgren was presented with Carnegie Hall's third annual Medal of Excellence for outstanding philanthropic leadership in the arts. The gala held in Lundgren's honor raised $4.2 million for Carnegie Hall.
Lundgren currently is chairman of the National Minority Supplier Development Council. He also serves on the membership committee of the Economic Club of New York and is involved with the New York City Principal for a Day Program.
Like all retailers, Macy's, Inc. saw declining sales in 2008 amid deterioration of the U.S. economy. In fiscal 2008 (through January 2009), same-store sales declined by 4.6% at Macy's, Inc. In this environment, however, Macy's, Inc. has outperformed virtually every major competitor. [1]
Macy's is seeing positive early results from "My Macy's," a localization inititaive launched by Lundgren in spring 2008 to tailor a portion of every store's assortment to local tastes and color. The company reported that of its top 15 best-performing geographic markets in the key holiday selling month of December 2008, 13 were My Macy's pilot districts. The My Macy's organizational model is being rolled out across the U.S. in 2009. [2]
As reported in Macy's, Inc.'s proxy statement filed in April 2009, Lundgren's total compensation in 2008 declined by 37% to $5.4 million, reflecting lower sales and profitability in a weak economy. His compensation included $1.5 million in salary, $900,000 under the non-equity incentive plan, and $496,423 in various other compensation. The remainder was the value of stock options that will appreciate if the company's stock price rises over time.
Lundgren has taken a keen personal interest in helping widows of the Rwandan genocide by carrying a line of hand-crafted baskets at Macy's under the name of "Path to Peace." [3] The baskets are available on macys.com and selected stores. The program pays a living wage to more than 2,000 Rwandan women weavers while offering Macy's customers a unique product. Lundgren has visited with the Rwandan weavers and promoted the program with various international organizations.
Macy's Inc. is known for its diversity and inclusion. The company was the first retail store in America to give benefits to gay partners, and also offers many high positions to women and minorities.
|
||||||||