JCPenney’s CEO Is Out as Retailer’s New Owners Split Company

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The new homeowners of JCPenney division retail outlets are on the lookout for a brand new chief to switch leader govt officer Jill Soltau, who will step down Dec. 31 as the store navigates an go out from chapter.

Stanley Shashoua, recently the executive funding officer of Simon Property Group, will turn out to be period in-between CEO of JCPenney efficient Jan. 1, in line with a remark Wednesday. The possession workforce, consisting of Simon and Brookfield Asset Management, will determine a short lived place of job of the CEO that can come with contributors of JCPenney’s present control crew.

The management exchange comes not up to a month after the dep. retailer chain finished a in the past introduced sale of the retail operations to its mall landlords. J.C. Penney Co., which filed for chapter in May, mentioned previous this month that its belongings corporate stays within the Chapter 11 procedure and is predicted to emerge within the first part of 2021.

Soltau, who used to be employed in October 2018, used to be in the course of crafting a turnaround plan when the Covid-19 pandemic swept the globe this 12 months and quickly shuttered many retail retail outlets.

By Richard Clough

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