Macy’s Names New CMO
After a four-month search, Macy's has named Toys"R"Us senior vice president and chief marketing officer Richard Lennox as its new chief marketing officer, following the May departure of 32-year brand veteran Martine Reardon. Lennox, who starts on Sept. 15, will be responsible for the company’s branding and marketing strategy in all of its channels, including online and in stores.
Total Retail’s Take: Lennox will have his work cut out for him. Macy’s has faced declining sales — the chain recently reported a 3.9 percent drop in second-quarter net sales — and an exodus of brands such as Coach from the department store sector. To help stem the losses, the company recently announced plans to close 100 of its 728 stores by early next year. We'll be watching Lennox closely to see the strategy he puts into place to help turn around Macy's.