Macy’s Inc. Chief Executive Officer Jeff Gennette will take on a second role as chairman of the beleaguered department store, replacing Terry Lundgren, who is retiring.

Gennette, who has been with the department-store chain for three decades, was appointed by the board and will assume the chairmanship on Jan. 31, Macy’s said Friday. He became CEO earlier this year, stepping into a job that had also been held by Lundgren.

Macy’s is looking to use the crucial holiday shopping season as a springboard to…