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Lundgren Named COO of Federated

Spiking rumors, retailer promotes president and extends ceo Zimmerman's contract

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Following a day filled with rumors, Federated Department Stores (Cincinnati) finally announced that president and chief merchandising officer Terry Lundgren will assume the additional title of chief operating officer, effective April 15. And the current contract of chairman and ceo James Zimmerman has been extended through February 2004.

A report in The Wall Street Journal had triggered speculation that Lundgren was about to replace Zimmerman as ceo of the troubled department store organization. Zimmerman's current contract is due to expire May 2003. Federated categorically denied the Journal's report.

Tom Cole, chairman of the Federated Logistics, Operations, Store Planning and Systems division, will now report to Lundgren, who himself will continue to report to Zimmerman. Lundgren will also continue to be the senior merchandising executive for the company and, together with Zimmerman, will continue to supervise all of Federated's retail divisions — Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's.

“Terry Lundgren has been and continues to be an important leader in our company,” said Zimmerman, “and, consistent with succession planning that has been in place for some time, this title change and additional responsibility reflect his growing responsibilities.”

Lundgren re-joined Federated in 1994, following a six-year stint at Neiman Marcus (Dallas), the last four years as chairman and ceo. He had previously been with Federated for 13 years. Starting with the company's former Bullock's division (now part of Macy's West) in 1975, he became vp and gmm of Bullock's in 1985, and president of Bullocks Wilshire, then a specialty fashion group owned by Federated, in 1987.

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