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JC Penney CEO Jill Soltau to leave retailer after emerging from bankruptcy


#Signage is displayed outside a JC #Penney #Co. store in #Chicago, #Illinois.

#Christopher #Dilts | #Bloomberg | #Getty #Images

J.C. #Penney CEO #Jill #Soltau, who was tapped to turn around the struggling department store, will leave the company #Thursday.

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The company’s new owners, #Simon #Property #Group and #Brookfield #Asset #Management, said #Wednesday that they’re looking for a new leader “who is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney.”

The #Plano, #Texas-based retailer filed for bankruptcy in #May. #It was bought by the two U.S. mall owners in the fall and emerged earlier this month. #It joined a growing list of retailers’ pushed to the brink by the coronavirus pandemic. #Yet the legacy retailer’s troubles began before the global health crisis. #Its sales have fallen annually since 2016. #At the time when it filed for bankruptcy, its roughly 860-store footprint was less than a quarter of its store base in 2001.

#About two years ago, the company hired #Soltau to spearhead its turnaround effort after its former CEO #Marvin #Ellison left to lead #Lowe’s. #She previously served as CEO of fabric and craft retailer, #Joann #Stores. #She also worked for #Sears, #Kohl’s and #Shopko #Stores. #At the time, news of her hire sent shares soaring as investors had hope she would bring fresh ideas and drive growth at the department store.

#This year, however, the company’s efforts were set back as its stores temporarily shuttered during the pandemic and battered its already stretched finances.

#Simon and #Brookfield have chosen #Simon’s #Chief #Investment #Officer #Stanley #Shashoua to serve as interim CEO, according to a news release. They have launched an executive search with strategic partner #Authentic #Brands #Group. The licensing firm owns stakes of other retailers that have emerged from bankruptcy, including #Brooks #Brothers and #Forever 21.



[ source link ]
https://www.cnbc.com/2020/12/30/jc-penney-ceo-jill-soltau-to-leave-retailer-after-emerging-from-bankruptcy.html

##Penney #CEO ##Jill ##Soltau #leave #retailer #emerging #bankruptcy

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