Macy’s CEO Terry Lundgren to step down next year

NEW YORK (AP) — Macy’s says its longtime CEO Terry Lundgren will leave the job early next year.

He will be replaced by Macy’s President Jeff Gennette.

Lundgren will stay with the company as executive chairman. Lundgren has been CEO of the Cincinnati-based department store operator for about 13 years.

Shares of Macy’s Inc. rose 1 percent before the stock market open Thursday.