J.C. Penney’s new house owners, mall REITs Simon Property Group and Brookfield Asset Administration, on Wednesday mentioned they’ve launched a seek for a brand new chief government officer to replace Jill Soltau, who’s leaving Thursday.
Simon Chief Funding Officer Stanley Shashoua will function interim CEO beginning Jan. 1, in accordance with a J.C. Penney press launch.
In any other case, the “new possession group will set up a short lived workplace of the CEO to incorporate key members of JCPenney’s present management group,” the corporate mentioned.
Simply days away from a brand new 12 months, beneath new possession, J.C. Penney is continuous its custom of turning over chief executives.
When Soltau arrived two years in the past, there have been excessive hopes that her reputation as a talented merchant would possibly carry concerning the turnaround the division retailer had been toiling at for years. She changed Marvin Ellison, who left to turn out to be CEO at Lowe’s after about three years on the job, making it 4 CEOs in about 10 years.
The division retailer hasn’t had a 12 months of positive net income since 2010, and has particularly struggled in girls’s attire. This 12 months — along with its Might bankruptcy filing and the takeover by two of its mall landlords — Penney has watched magnificence retailer Sephora plan to exit the outlets it had established at a number of Penney shops, which have confirmed to be a few of Penney’s finest site visitors drivers, and head to Kohl’s as a substitute.
And, so, Penney’s turnaround is ongoing nonetheless, amid growing challenges for each malls, which it has dependably anchored for years, and malls.
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