Macy's announcing today that CEO, Terry Lundgren, will step down in the first quarter of next year.
The country's largest department-store chain is making big changes following its recent report, which showed its worst quarterly sales since the recession. Despite the company's recent troubles, Macy's is up 158% under Lundgren's leadership.
The current CEO will be replaced by Macy's president Jeff Gennette while Mr. Lundgren will remain the company's executive chairman.
So what does this mean for the stock?
On today's Halftime Report the desk reacted to the new changes in hierarchy.
"I think it's about time that there's a change, which I don't think is a bad idea. It's a new environment," said Stephen Weiss. Weiss still believes the stock is a hold here with 4.5% yield and that the company still has work to do.
Loop Capital President, Kourtney Ratliff Gibson, also agrees that Macy's is taking a step in the right direction.
"This is a great,great move, and having the President there moving to that space with Terry's support is great," said Gibson.
On the flip side, Jim Lebenthal disagrees saying, "The whole sector is challenged. Macy's has been crushed, and I see no turn around."
Macy's is down 3% year to date.