Terry Lundgren

Terrence James Lundgren (born March 23, 1952) is an American business executive who retired on January 31, 2018, as executive chairman of Macy's, Inc. the parent company of fashion retailers Macy's, Bloomingdale's and Bluemercury. He had served for 14 years as chairman and chief executive officer of Macy's, Inc., becoming the company's executive chairman in 2017. He was named an executive in residence at Columbia Business School in 2017. Early life Born in Long Beach, California, Lundgren was one of six children. He was the only member of the six that went to college because of his parents' limited financial capacity. His parents stopped paying for his tuition, seeing Lundgren did not have good grades. In response, Lundgren "found a job at a local restaurant in Tucson, where he was responsible for cracking oysters and peeling shrimp." He was eventually "promoted to a waiter, then the head waiter, and then the head manager of the restaurant." Through his job, he was able to graduate from the University of Arizona. Career After graduating from the University of Arizona in 1974, he joined Federated Department Stores, Inc. (known as Macy's, Inc. since 2007) and rose quickly to lead the upscale specialty Bullocks Wilshire division in Los Angeles at age 35. He served as CEO of Neiman Marcus before returning to Federated in 1994. Through his career at 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 and led the 2005 merger of Federated and May Department Stores Company, 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. The May Company acquisition allowed Macy's to become a truly nationwide retailing brand for the first time.