CINCINNATI (AP) — Macy's Inc. has elected its chief merchandising officer as president of the company.
The department store operator said Monday that Jeffrey Gennette will take over in his new role immediately. The 52-year-old executive has been Macy's chief merchandising officer since 2009 and held several leadership positions prior to that.
Terry Lundgren, Macy's chairman and CEO, previously handled the duties of president as well.
Gennette will continue to oversee merchandising and add oversight of the company's marketing and online business as part of his new position.
Macy's, which has corporate offices in Cincinnati and New York, operates Macy's and Bloomingdale's stores across the country.
Shares of the company increased 37 cents to $59.29 by late afternoon Monday, in line with broader market gains.