Also, Federated's board of directors will ask shareholders to approve a corporate name change to Macy's, Inc. instead of Macy's Group, Inc. Terry J. Lundgren, Federated's chairman, president and CEO said, in a release, that the change makes sense given global recognition of the Macy's name and the fact that Macy's represents 90% of Federated's corporate revenue.
"...Trading our shares under the 'M' ticker symbol will make it simple and clear for all investors to understand we are a brand-driven and consumer-oriented company," he said, adding that the change reinforces a recent expansion of the Macy's brand. Federated's shares have traded under the ticker symbol "FD" since 1992.
--Karl Greenberg
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