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Macy's CEO Terry Lundgren to step down next year

/ AP

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NEW YORK -- Macy's (M), which has been struggling with weak sales, says its longtime CEO Terry Lundgren will leave the job early next year.

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

The retailer, which operates about 870 department stores, has reported disappointing sales during the important holiday season and into spring. Last month, the Cincinnati company slashed its full-year profit and revenue outlook for the year.

Macy's said Lundgren will continue with the company as executive chairman. Lundgren, 64, has been CEO of the Cincinnati-based department store operator for about 13 years. Gennette, 55, has had several executive roles at Macy's, including chief merchandising officer and CEO of its stores in California, Nevada and other Western states.

Besides its namesake stores, Macy's also owns upscale department store Bloomingdales and makeup seller Bluemercury.

Shares of Macy's Inc. rose $1.12, or 3.4 percent, to $33.93 in morning trading Thursday.

First published on June 23, 2016 / 9:33 AM EDT

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