Procter & Gamble name Macy’s chairman, president and CEO Terry Lundgren as the newest member of its board of directors.
Lundgren fills a position vacated by current P&G Director Johnathan Rodgers who is not seeking re-election when P&G’s holds its annual shareholder meeting in October.
"We are delighted to welcome Terry Lundgren to the board," said P&G chairman, president and CEO Bob McDonald. "He brings extensive leadership, strategy and risk management experience, as well as exceptional knowledge of the consumer industry and dynamic marketing practices. His hands-on experience in organizational optimization will be invaluable as we continue to drive our productivity programs forward."
Lundgren will serve on the governance and public responsibility and the innovation and technology committees of P&G’s board. Retiring board member Rodgers has served on the board since 2001.
"Johnathan has been an outstanding director and a pillar of support to P&G for more than a decade. He is one of longest serving directors and his knowledge and perspectives of media, communications and technology have been instrumental in shaping our thinking. We will continue to benefit from those contributions until his departure in October and thank him for his dedicated service over the years," McDonald said.
Lundgren is a department store retailing veteran who has served as chairman, president and chief executive officer of Macy’s since 2004. He joined Federated Department Stores in 1975 and became president of its Bullock Wilshire operation in 1987. He was next appointed chairman and CEO of Neiman Marcus in 1988 and six years later returned to Federated as chairman and CEO of its merchandising group. Federated acquired Macy’s in 1994. In 1997, Lundgren was named president and chief merchandising officer of the combined company. He became chief operating officer in 2002 and CEO the following year. Today, Macy’s is one of the world’s leading and most recognized department stores with over 840 retail sites across the U.S.