Lundgren named Federated ceo; four vice chairmen elected
February 25, 2003-- Home Textiles Today,
Cincinatti, OH — Terry J. Lundgren, 50, president, coo and chief merchandising officer of Federated Department Stores, has been elected to succeed James M. Zimmerman as chief executive officer, effective tomorrow. The transition was long anticipated and planned.
Zimmerman, 59, will remain chairman of the company.
Under a new corporate structure approved by the board there will also be five vice chairmen reporting to Lundgren. Newly appointed are:
• Thomas G. Cody, 61, who has served as executive vp/legal and human resources since 1992. As vice chairman, he will continue to be responsible for legal and human resources, as well as internal audit, external affairs and the company's philanthropic activities.
• Tom Cole, 54, who currently serves as chairman of Federated Logistics & Operations, which includes store design and construction; the Federated Systems Group and the company's Financial, Administrative & Credit Services divisions. Cole will continue to be responsible for these support operations as vice chairman.
• Janet Grove, 51, who has served as chairman of the NY-based Federated Merchandising Group (FMG) since 1998. She will maintain responsibility for FMG, which encompasses the company's merchandising, private brand and product development operations.
• Susan Kronick, 51, who has been group president for regional department stores since April 2001. Under the new management structure, she will be responsible for all of the company's department store divisions — Macy's East, Macy's West and Bloomingdale's, as well as Burdines, The Bon Marche and Rich's/Lazarus/Goldsmith's.
Ronald W. Tysoe, 49, who since 1990 has served as Federated vice chair, responsible for finance and real estate, will continue in his post.