Gray to Succeed Schwaegler as Bullock’s Head

Bullock’s, the Los Angeles-based department store chain, said that James E. Gray, currently executive vice president, will become president May 1, succeeding Bruce M. Schwaegler, who has held the post for eight years.

Schwaegler, 47, said he is resigning as of May 31 to pursue a career change that he began contemplating two years ago.

“I am going to put my full-time energy into acquiring a business on a private basis,” he said in a telephone interview. “My experience and interest is in retailing, so my first focus of attention will be on a retail business. I won’t venture far from retailing; it is a subject that I know.” He plans to continue to work in Southern California.

Schwaegler assumed the presidency at Bullock’s, a division of Federated Department Stores, in 1977 after joining Federated’s Filene’s division 10 years earlier.

Asked why he is leaving Federated after 18 years there, Schwaegler said: “I was fortunate to become president at a relatively young age, and I’ve recognized for a number of years that it was inappropriate for me to finish my career here. That led to a thought process of what the next phase of my career would be.”

Gray, 46, said the company has been working on an orderly change in management. “Bruce made his plans known for quite some time, and I’ve been fortunate enough as executive vice president to be working for him,” Gray said.

As president, Gray will join Allen I. Questrom, who became chairman and chief executive of the Bullock’s division last August. Gray joined Bullock’s in 1961, rising through the ranks to executive vice president in 1983.