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Macy's, Inc. Announces Executive Management Changes

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Macy's, Inc. Announces Executive Management Changes February 1, 2012 Macy's, Inc. Announces Executive Management Changes CINCINNATI, Feb 01, 2012 (BUSINESS WIRE) --Macy's, Inc. (NYSE:M) today announced a series of changes to its senior executive leadership team: Ron Klein, Macy's chief stores officer, will retire effective March 31, 2012, after a distinguished retailing career that includes 36 years with the company. He will devote the next two months to a smooth transition of the chief stores officer position. Peter Sachse, Macy's chief marketing officer and chairman of macys.com, will succeed Klein as Macy's chief stores officer, effective Feb. 13. He will be responsible for the nationwide portfolio of Macy's stores, as well as the region and district stores organization and visual merchandising. Sachse also will retain responsibility for the company's omnichannel strategy, which brings together stores, online and mobile capabilities to serve customers whenever and wherever they want to shop. He will remain a member of the company's executive committee and continue to report to Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc. Jeffrey Gennette, Macy's chief merchandising officer, will assume additional responsibility for overseeing marketing and macys.com. He will closely coordinate those functions within the company's My Macy's localization and omnichannel strategies. Gennette will remain a member of the company's executive committee and continue to report to Lundgren. Jeff Kantor, president-merchandising of macys.com, will become chairman of macys.com, effective Feb. 13. Kantor and Kent Anderson, president of macys.com, will continue to oversee Macy's Internet business and play a key role in the omnichannel strategy. Kantor will join the company's executive committee and report to Gennette. Martine Reardon, executive vice president for marketing, will succeed Sachse as Macy's chief marketing officer, effective Feb. 13. In this role, Reardon will be responsible for all marketing, advertising, creative development, social media, cause marketing, brand public relations, tourism marketing, customer insights and data analysis. She will join the company's executive committee and report to Gennette. "These changes reflect the strength of our senior-level talent and the teamwork that drives our company's key growth strategies - My Macy's localization, omnichannel, and MAGIC Selling customer engagement. Our organization is deep and experienced, which facilitates our ability to crisply execute strategies and to move quickly to capitalize on new opportunities as they arise," Lundgren said. "We salute the outstanding contributions that Ron Klein has made to our company for nearly four decades. I respect him as a colleague and value him as a friend. In every position over the years, Ron has led with passion. He keenly understands customers' needs and how to serve them through stores that are customer-centric and locally focused. Ron and Peter have worked side-by-side for many years, which allows us to move forward without skipping a beat," he added. Executive Bios Ron Klein, 62, was named Macy's chief stores officer in February 2009. His previous roles with the company included chairman and CEO of Macy's East in New York, chairman of Rich's/Lazarus/Goldsmith's in Atlanta, vice chairman and director of stores for Macy's East, and chairman of Stern's in New Jersey. Klein began his retail career in 1974 as a buyer at Bloomingdale's, and served in merchandising positions of increasing responsibility in several divisions of Federated Department Stores, Inc. before moving to Macy's East in 1998. In the mid-1980s, he served for two years as a merchant executive at Saks Fifth Avenue. A native New Yorker, Klein lives in the New York City area. He is a graduate of American University, and holds a master's degree from New York University. Peter Sachse, 53, added the role of Macy's chief marketing officer in February 2009, along with serving as chairman and CEO of macys.com since April 2006. He also served as president of Macy's Corporate Marketing and was the company's first chief marketing officer in June 2003. Prior to serving in these roles, Sachse was president and COO of The Bon Marché in Seattle. He began his retail career with Macy's in Kansas City and was division merchandise manager at Bullock's in Los Angeles. He was also EVP/general merchandise manager at Macy's East and was later promoted to vice chair/director of stores of Macy's East. A native of Sheboygan, WI, Sachse lives in the New York City area. He is a graduate of the University of Wisconsin. Jeff Gennette, 50, was named Macy's chief merchandising officer in February 2009. Previously, he served as chairman and CEO of Macy's West since February 2008 after serving as chairman of Macy's Northwest in Seattle and executive vice president and director of stores for Macy's Central in Atlanta. Prior to that, Gennette was SVP/general merchandise manager at Macy's West. Gennette joined Macy's West in 1983 as an executive trainee and also has served with FAO Schwarz and Broadway stores. A native of San Diego, Gennette lives in the New York City area. He is a graduate of Stanford University. Jeff Kantor, 52, was named macys.com's president for merchandising in August 2010. Previously he was Macy's president-merchandising for home since May 2009. From February 2006 to May 2009, Kantor was president for furniture for Macy's Home Store. For the previous two years, Kantor was president of the Hecht's/Strawbridge's division of the May Department Stores Company, which was acquired by Macy's, Inc. in 2005. He also served as senior vice president and general merchandise manager for cosmetics, accessories, dresses, suits, intimate apparel and hosiery at the Boston-based Filene's/Kaufmann's division of May Company. A native of Belmont, MA, Kantor joined Filene's in Boston in 1981 as an assistant buyer for men's. He is a graduate of the University of Massachusetts-Amherst and lives in the New York City area. Martine Reardon, 49, has served as executive vice president for marketing since February 2009. Previously, Reardon served since 2007 as executive vice president, national marketing strategy, events and public relations for Macy's Corporate Marketing. Prior positions included senior vice president for marketing and sales promotion at New York- based Macy's East. Following the merger of Federated Department Stores and R.H. Macy & Co. in 1994, she was named vice president of media overseeing the Macy's/Federated marketing effort. Reardon began her retail career in special events at Federated's Abraham & Straus division in Brooklyn in 1984. A native of New York City, Reardon lives in the New York City area. She is a graduate of St. Francis College in Brooklyn. Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2010 sales of $25 billion. The company operates about 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's, as well as the macys.com and bloomingdales.com websites. The company also operates seven Bloomingdale's Outlet stores. All statements in this press release that are not statements of historical fact are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates, changes in expected synergies, cost savings and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission. (NOTE: Additional information on Macy's, Inc., including past news releases, is available at www.macysinc.com/pressroom). SOURCE: Macy's, Inc. Macy's, Inc. Media - Jim Sluzewski, 513-579-7764 or Investor - Matt Stautberg, 513-579-7780.
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