Federated Announces New Division Management

"Enhancing our company's already strong talent pool was a keyobjective of the May acquisition and today's announcements are a clearindication that we have made great strides in that regard," said TerryJ. Lundgren, the company's chairman, president and chief executiveofficer. "By retaining experienced executives from the May Companyorganization and combining their skills with Federated's existingdivision leadership, we will strengthen our Macy's divisions as wegrow to serve customers in new geographic regions across the country."

Macy's department store divisions

-- Daniel H. Edelman will become president and chief operating officer of San Francisco-based Macy's West. Currently, he is chairman and chief executive officer of Macy's Northwest in Seattle.

-- Jeff Gennette will become chairman and chief executive officer of Macy's Northwest. Currently, he is executive vice president and director of stores at Atlanta-based Macy's Central.

-- Robert B. Harrison will become president and chief operating officer of Macy's Northwest. Currently, he is chairman of Robinsons-May in Los Angeles.

-- Andrew P. Pickman will become president and chief merchandising officer of Atlanta-based Macy's South. Currently, he is president and chief executive officer of Foley's in Houston.

-- Michael G. Krauter will become vice chairman and director of stores at Macy's South. Currently, he is president and chief merchandising officer of Macy's Central in Atlanta.

-- John T. Harper will become vice chairman and director of stores at Macy's Midwest in St. Louis. Currently, he is chairman of Hecht's/Strawbridge's.

-- Frank J. Guzzetta will become chairman and chief executive officer of Minneapolis-based Macy's North. Currently, he is president and chief executive officer of Marshall Field's.

-- Robert M. Soroka will become president and chief operating officer of Macy's North. Currently, he is chairman of Marshall Field's.

These executives are in addition to the previously announcedleadership team at the new Macy's Midwest division, based in St. Louis- William P. McNamara, chairman and chief executive officer, and BrianL. Keck, president and chief operating officer.

"Our management team is exceptional both as individuals and as agroup," said Federated Vice Chair Susan D. Kronick, to whom all of thecompany's department stores divisions report. "The combination ofviewpoints from Federated and May Company will bring fresh ideas andadditional energy to our Macy's brand, along with a continuingdetermination to improve our offering for our core customer."

Macy's Home Store

Jeffrey A. Kantor will become president for furniture at Macy'sHome Store, a new position based in New York and reporting to TimothyM. Adams, the division's chairman and chief executive officer.Currently, Kantor is president and chief executive officer atHecht's/Strawbridge's in Arlington, VA.

"Jeff Kantor is a skilled retailer and merchant who can bringadditional insight and merchandising expertise to Macy's furniturebusiness as we expand our offering to former May Company locations,"said Federated Vice Chair Janet E. Grove, to whom Macy's Home Storereports. "We look forward to strengthening our big-ticket homebusiness in the seasons ahead with furniture that reflects thelifestyles of our core customers across the country."

Management Bios

Edelman, 56, succeeds Michael J. Osborn, who was named presidentand chief operating officer of the Macy's Home Store division inAugust 2005. A native of New York, Edelman has served as chairman ofMacy's Northwest since March 1998 and previously as president of thedivision since February 1997. Prior to that, he spent six years asvice chairman for finance and operations at Macy's West. He began hiscareer in 1976 as an assistant accounting manager with Macy's in NewYork. A graduate of Temple University with an MBA from Long IslandUniversity, Edelman and his wife, Kay, will be relocating to SanFrancisco.

Gennette, 44, has been Macy's Central executive vice president anddirector of stores since March 2004. Previously, he served as seniorvice president/general merchandise manager for men's and children's atMacy's West in San Francisco since May 2001, and before that vicepresident/division merchandise manager for men's collections at Macy'sWest. Gennette joined Macy's West in 1983 as an executive trainee andheld various merchant and store management positions in that division.During his career, Gennette also has served as a store manager for FAOSchwartz and director of stores for Broadway Stores. A native of SanDiego, Gennette is a graduate of Stanford University with a degree inEnglish. He will be relocating to Seattle with his partner, GeoffWelch, and daughter.

Harrison, 42, has been chairman of Robinsons-May since October2004, having previously served as the division's senior vice presidentand chief financial officer since June 2002, as well as the seniorvice president for finance of the Meier & Frank division before it wasmerged with Robinsons-May. A native of Pittsburgh, Harrison began hiscareer at the Kaufmann's division in 1986 as an accounting analyst andserved in positions of increasing responsibility before becoming vicepresident and controller of Kaufmann's. Harrison holds a degree infinance from Pennsylvania State University and an MBA from theUniversity of Pittsburgh. He and his wife, Susan, and two childrenwill be relocating to Seattle.

Pickman, 54, has served as president of Foley's since May 2002.Previously, he was president of May Company's Pittsburgh-basedKaufmann's division and senior vice president and general merchandisemanager for ready-to-wear at May Merchandising Corporation. Pickmanjoined Filene's, then a division of Federated, in 1975 as an assistantbuyer for children's. He rose through increasingly senior merchantpositions to become the senior vice president and general merchandisemanager for cosmetics, men's and young men's at the combinedFilene's/Kaufmann's division. A native of Wethersfield, CT, Pickmanholds a degree in business administration from Boston University. Heand his wife, Cindy, and two children will be relocating to Atlanta.

Krauter, 48, has served as president of Macy's Central sinceFebruary 2004. Previously, he was executive vice president anddirector of stores for the division (previously known asRich's/Lazarus/ Goldsmith's). Krauter, a native of Roselle, NJ, beganhis retail career as a sales manager at Macy's East in New York in1979, rising through merchant and store management positions beforemoving to Macy's South-Bullock's as vice president/merchandiseadministrator in 1988. Krauter returned to Macy's East in 1992 as agroup vice president of merchandising, and was named senior vicepresident of merchandising in 1993. He became a general merchandisemanager at Macy's West and was promoted to that division's executivevice president for merchandising prior to moving to Atlanta in 2001.Krauter is a graduate of Rutgers University with a degree in businessadministration. He lives in Roswell, GA, with his wife, Yvonne, andthree children.

Harper, 46, has been chairman of Hecht's/Strawbridge's since 2004.Previously, he served as the Hecht's/Strawbridge's division's seniorvice president/finance, senior vice president/operations and vicepresident/profit management. Harper joined May Company at itsKaufmann's division in 1983. He held numerous accounting, strategicplanning, and financial positions at the Kaufmann's, L.S. Ayres, andFamous-Barr divisions prior to joining Hecht's as vice president andcontroller in 1993. Harper received a degree in communications andpolitical science and an MBA in finance - both from the University ofPittsburgh. A native of Pittsburgh, Harper and his wife, Janet, havetwo children.

Guzzetta, 60, became president of Marshall Field's in January 2005after serving as president and chief executive officer of theHecht's/Strawbridge's division since 2000. He joined Hecht's in 1988as a divisional vice president and divisional merchandise managerbefore being promoted to senior vice president and general merchandisemanager and, later, executive vice president of merchandising. Priorto joining May, he worked in retailing for 11 years at Woodward &Lothrop. A native of Quincy, MA, Guzzetta received a B.S. degree inmarketing from the University of Massachusetts-Amherst and an MBAdegree from the University of Michigan. He lives in Minneapolis.

Soroka, 53, has been chairman of Marshall Field's since October2004. Previously, he was chairman of Robinsons-May in Los Angeles and,before that, the division's senior vice president/chief financialofficer. Soroka joined May in 1970 at O'Neil's, May Company's formerdepartment store division headquartered in Akron, Ohio. From 1983through 1990 he held increasingly responsible financial and creditpositions at three additional May department store divisions. A nativeof Akron, Mr. Soroka graduated from the University of Akron with adegree in accounting. He and his wife, Connie, live in Minneapolis andhave two grown children.

Kantor, 46, has been president of Hecht's/Strawbridge's sinceNovember 2004. Previously, he served as senior vice president andgeneral merchandise manager for cosmetics, accessories, dresses,suits, intimate apparel and hosiery at the Boston-basedFilene's/Kaufmann's division. A native of Belmont, MA, Kantor joinedFilene's, then a division of Federated, in Boston in 1981 as anassistant buyer for men's. He progressed through merchant position ofincreasing responsibility, including division vice president anddivisional merchandise manager for men's furnishings, men's clothingand outerwear. For two years in the mid-1990s, Kantor was divisionalvice president for men's furnishings at TJ Maxx. Kantor is a graduateof the University of Massachusetts-Amherst with a degree in businessadministration. He and his wife, Raelin, and three children will berelocating to New York.

Federated, with corporate offices in Cincinnati and New York, isone of the nation's premier retailers, with 2004 sales of more than$15.6 billion. With the May Company's more than 490 department storesand more than 720 bridal and formalwear stores in 49 states, theDistrict of Columbia and Puerto Rico, Federated operates about 950department stores and more than 720 bridal and formalwear stores in 49states, the District of Columbia, Guam and Puerto Rico under the namesof Macy's, Bloomingdale's, Famous-Barr, Filene's, Foley's, Hecht's,Kaufmann's, Lord & Taylor, L.S. Ayres, Marshall Field's, Meier &Frank, Robinsons-May, Strawbridge's, The Jones Store, David's Bridal,After Hours Formalwear and Priscilla of Boston. The company alsooperates macys.com and Bloomingdale's By Mail.

(NOTE: Additional information on Federated, including past newsreleases, is available at www.fds.com/pressroom.)