J.C. Penney’s new proprietors, mall REITs Simon House Team and Brookfield Asset Administration, on Wednesday explained they have launched a search for a new main govt officer to exchange Jill Soltau, who is leaving Thursday.
Simon Chief Financial investment Officer Stanley Shashoua will serve as interim CEO setting up Jan. 1, according to a J.C. Penney push release.
Normally, the “new possession team will establish a momentary place of work of the CEO to consist of crucial associates of JCPenney’s present-day leadership crew,” the firm said.
Just days absent from a new 12 months, less than new ownership, J.C. Penney is continuing its tradition of turning in excess of chief executives.
When Soltau arrived two years ago, there were being superior hopes that her track record as a gifted service provider might provide about the turnaround the division keep had been toiling at for yrs. She changed Marvin Ellison, who left to develop into CEO at Lowe’s right after about three yrs on the job, generating it four CEOs in about 10 decades.
The department store has not had a year of positive net profits since 2010, and has specifically struggled in women’s apparel. This yr — in addition to its May possibly bankruptcy filing and the takeover by two of its mall landlords — Penney has viewed natural beauty retailer Sephora strategy to exit the shops it experienced set up at quite a few Penney merchants, which have tested to be some of Penney’s most effective targeted traffic drivers, and head to Kohl’s instead.
And, so, Penney’s turnaround is ongoing still, amid escalating troubles for equally malls, which it has dependably anchored for many years, and division suppliers.