Chief Operating Officer Federated

From: ASAP

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Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) announced a title change and expanded responsibility for Terry J. Lundgren. Lundgren, 50, who has served as president and chief merchandising officer of the company since May 1997, will assume the additional title of chief operating officer, effective April 15.

The company also announced today that the Board had previously extended James M. Zimmerman's current contract as Federated's chairman and chief executive officer. The contract, which would have expired May 2003, has been extended at least through February 2004.

In addition to Lundgren's current responsibilities, Tom Cole, chairman of the Federated Logistics, Operations, Store Planning and Systems division, now will report to Lundgren, who himself will continue to report to Zimmerman. Lundgren will continue to be the senior merchandising executive for the company and, together with Zimmerman, will continue to supervise all of Federated's retail divisions.

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