J.C. Penney Seeks New CEO

J.C. Penney’s new owners – the Simon Property Group, Brookfield Asset Management and Authentic Brands Group – have launched a search for a new chief executive officer of the department store chain.

Jill Soltau, the current ceo, will exit the company on Thursday and Stanley Shashoua, Simon’s chief investment officer, will become  interim ceo on Jan. 1.

“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 J.C. Penney,” the owners said in a statement Wednesday afternoon.

The owners also said that a temporary office of the ceo, to include key members of Penney’s current leadership team, will be established.

J.C. Penney’s stock climbed 7.2 percent on the news, in midafternoon trading.

Penney’s emerged from Chapter 11 bankruptcy earlier this month in a deal selling its retail and operating assets to Simon and Brookfield, which will will operate the chain. Authentic Brands Group is considered a strategic partner and will be able to feed Penney’s stores and website with merchandise from brands in the ABG portfolio.

 

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