JCPenney, which emerged from bankruptcy proceedings on December 7 under new ownership, said it has launched a search for a chief executive officer to replace Jill Soltau, who will exit the company effective December 31, 2020.
About two years ago, the retailer hired Soltau to spearhead its turnaround effort after its former CEO, Marvin Ellison, left to lead Lowe’s. Soltau previously served as CEO of fabric and craft retailer, Joann Stores.
The new owners consist of Simon Property Group and Brookfield Asset Management along with strategic partner Authentic Brands Group.
The new owners wrote in a statement, “The search will seek to identify a leader that is focused on modern retail, the consumer experience and the goal of creating a sustainable and enduring JCPenney.
“With a successful track record of turning around retailers and brands and restoring them to profitability, JCPenney’s new ownership group will establish a temporary office of the CEO to include key members of JCPenney’s current leadership team. Stanley Shashoua, Simon Property Group’s chief investment officer, will be appointed interim CEO effective January 1, 2021.”
Photo courtesy JC Penney
