It has been reported that the US department store Macy’s chief executive Terry Lundgren will be stepping down next year and will be replaced by the company’s president Jeff Gennette.
 
The department store which is the biggest in the US has been struggling to recover sales as online competition grows.
 
Mr Gennette commented: "We have successfully navigated our way through changing customer trends in the past and there is no doubt that Macy's Inc. will need to be a significantly different retailer in the future in the way we operate and approach the marketplace. But we also must continue to tackle our immediate priorities with vigour and discipline.”
 
As well as becoming chief executive, Mr Gennette, 55, will also join Macy’s board of directors with immediate effect.

The company said in a statement: “Lundgren and Gennette will continue to work very closely together on improving current business trends and setting the stage for changes that will be announced as decisions are finalised."
 
Currently Macy’s operate around 870 stores across the US such as Bloomingdale’s Outlet, Macy’s Backstage, Macy’s, Bluemercury and Bloomingdale’s.

It has also been reported that the company’s share price increased 4% following the announcement of the change.