CINCINNATI--(BUSINESS WIRE)--Douglas W. Sesler, a recognized leader in real estate investments, restructurings, strategic transactions and portfolio management, will be joining Macy’s, Inc. (NYSE:M) as executive vice president for real estate, effective tomorrow.
At Macy’s, Inc., Sesler will oversee the company’s real estate function and lead high-priority initiatives to increase shareholder value through real estate strategies, including creating potential joint ventures or other partnerships involving the company flagship locations and mall-based properties. He will report directly to Terry J. Lundgren, Macy’s chairman and chief executive, and work closely with Macy’s, Inc.’s investment banking advisors, including Eastdil Secured, Credit Suisse and Goldman Sachs. He will be based in New York City.
“Doug Sesler is a world-class talent with a track record of success in developing, leading and implementing real estate strategies and transactions,” Lundgren said. “We will rely on his experience, expertise and discipline to create and structure real estate opportunities that will create shareholder value, sustain our long-term financial strength and enhance our retail business. We are fortunate to have an executive of Doug’s caliber at the helm of our real estate efforts.”
Most recently, Sesler was president of True Square Capital LLC, a real estate investment and advisory firm. He served from 2005 to 2011 at Bank of America Merrill Lynch International Ltd. in roles that included global head of principal real estate investments and global co-head of real estate investment banking. Previously, from 1989 to 2005, Sesler served in a variety of roles at Citigroup and its predecessors, including as managing director of the global real estate investment banking group, and managing director of the Travelers Realty Investment Company. He began his career in real estate roles at Chemical Bank.
Sesler holds a bachelor’s degree in government from Cornell University. He serves on the board of directors of Gazit-Globe, an international owner, developer and operator of shopping centers.
Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2015 sales of $27.079 billion. The company operates about 870 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)