Macy's 2003 Annual Report Download - page 7

Federated. Underlying all of this, however, is
one of the finest retail management teams in
the industry, and the best people in the
business in every category of job. I believe
we’ve proven this time and again, as Federated
experienced a continuum of change throughout
the last decade to evolve to where we are
today. I am proud of this company, and of the
dedicated people who help to make it what it
is, and I thank each and every one of them
for what they contribute to our company on
a daily basis.
Much of our progress and success as a
company, however, is attributable to Jim
Zimmerman, who retired this year as chairman
of Federated. You can read more about Jim and
his contributions to Federated in the column
to the right, but I want to take this opportunity
to say that I am honored to succeed him and
even more honored to have benefited from
his insight, integrity and experience in the
10 years we worked together.
To you, our shareholders, I say thank you for
your investment in Federated Department
Stores, Inc. We will do our best to be worthy
of your confidence, now and in the months
and years to come.
Sincerely,
THREE
TERRY J. LUNDGREN
CHAIRM AN, PRESIDENT &
CHIEF EXECUTIVE OFFICER
APRIL 15, 2004
STRONG, STEADY LEADERSHIP
ARE HALLMARKS OF
JIM ZIMMERMAN’S TENURE AS
FEDERATED’S CHAIRMAN/CEO
T
he year w as 1965 and Federated Department Stores w as a far different
company w hen James M. Zimmerman launched his retail career on the
loading docks of Foley’s in Houston, Texas.
It w as an unassuming beginning, but even then there w as the
suggestion of bigger and better things to come. Just how much bigger
and better, few could have guessed…
Jim Zimmerman retired this year as Federated’s chairman and chief
executive officer, putting an exclamation mark on a distinguished 40-year
career that took him to the pinnacle of department store retailing.
In his days in the trenches, M r. Zimmerman’s accomplishments
ranged from laying the groundw ork for shared, multi-divisional electronic
data processing to turning Atlanta-based Rich’s into one of Federated’s
most successful divisions. Change – even change that evolves slowly –
demands leadership, and this, more than anything, is what Jim
Zimmerman consistently provided.
When once he w as asked how he thought others w ould describe him,
M r. Zimmerman w as characteristically direct: “ I hope they w ould see me as a
good motivator and a good listener, someone w ho is decisive but fair,
someone w ho is accessible and approachable, w ho’s w illing to take risks
w here you can see rewards, and someone w ho can provide leadership
w hile still allowing the people around him to do their own jobs.”
There may be no better or more accurate description of Jim Zimmerman
than this. As chairman/ceo from 1997-2004 and president/chief operating
officer from 1988-1997, he used his unique skills to steer Federated
through potentially lethal shoals. Facing the most difficult of challenges,
M r. Zimmerman inspired confidence from all who dealt w ith him. He also
inspired loyalty and devotion from all lucky enough to w ork w ith him.
In the words of a former Federated chairman, “ If it w eren’t for him,
I doubt any of us w ould be here today.”
So as Jim Zimmerman retires, he does so w ith the gratitude of
Federated’s board of directors, its corporate and division
management teams, and the more than 111,000
employees who today populate the cubicles
and loading docks… the sales floors and
buying offices… the conference rooms and
corner offices of a successful company called
Federated Department Stores – a company
that very probably would not be here today
w ithout his tremendous leadership
and vision.
JAM ES M. ZIMM ERMAN
RETIRED CHAIRM AN