Dive Brief:

• Macy’s chief merchandising officer, Jeffrey Gennette, will assume the role of president of the company, and CEO Terry J. Lundgren, who is also chairman of the board, will lose it.

• Gennette has been with Macy’s in various roles since coming on as an executive trainee in 1983.

• Macy’s also announced a new video series aimed at millennials, a production with Disney’s YouTube network, Maker Studios. The 10-episode “Next Style Star” will be a competition for a $10,000 prize among 16 fashion stylists, judged by celebrity fashionistas. 

Dive Insight:

Macy’s move to anoint its chief merchandising officer as president led to speculation that Jeffrey Gennette would immediately move on deck to become CEO, something that current CEO Terry J. Lundgren promptly denied. Gennette’s added responsibilities will include Macy’s private brands, an additional 20% of the retailer’s business. More likely than anything, this positions the retailer to build on the success it’s had in a tough retail environment.