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MajorsJan 16, 2019
JC Penney CEO Makes 2 C-Suite Moves
However, Jill Soltau still has several positions to fill coming off a lackluster holiday season and a credit downgrade by Fitch.
Plano, Texas—J.C. Penney is shaking up its executive team as it looks to escape the clutches of the so-called retail apocalypse, which has already swallowed up household names like Sears and Toys “R” Us.
CEO Jill Soltau, former head of Jo-Ann Stores Inc. and the company’s first female CEO in its 116-year history, replaced Marvin Ellison back in October and is working to build her own team.
On Tuesday, the retailer announced that Mike Robbins, executive vice president of private brands—which includes Modern Bride—and supply chain, will step up to executive vice president, chief stores and supply chain officer as of Jan. 21.
Current Senior Vice President of Stores Tony Hurst is leaving the company Jan. 20 to pursue another opportunity, a J.C. Penney spokesperson told National Jeweler.
The retailer also added Truett Horne, currently an associate principal at McKinsey & Company, as its chief transformation officer, a new position that will put Horne in charge of its “strategic and transformational initiatives.”
J.C. Penney has not yet found a successor for Robbins and is also on the hunt for: a chief financial officer, principal accounting officer, chief customer officer, senior vice president of planning and allocation, and chief merchant officer.
The company’s last CFO, Jeffrey Davis, stepped down last September after just a little over a year on the job. Andrew Drexler, the retailer’s senior vice president, chief accounting officer and controller, plans to leave the company at the end of March.
Former Chief Customer Officer Joseph M. McFarland III left in August, following former CEO Marvin Ellison to Lowe’s, and current Senior Vice President of Planning and Allocation Amy Wooden will retire on April 5, the J.C. Penney spokesperson said.
The retailer is reviving the position of chief merchant officer after giving it the boot back in November 2017 following the departure of John Tighe.
“By appointing and recruiting the right leaders who have the expertise and fortitude to accelerate a turnaround strategy, our senior executive team will play an instrumental role in energizing teams, connecting with our customers and positioning J.C. Penney for profitable growth,” Soltau said.
The retailer is assembling a new team in the hopes of combatting a rocky holiday season in which same-store sales dipped 5 percent.
Its lackluster holiday sales contributed to Fitch’s decision to downgrade the retailer’s credit rating from B to B-, citing the company’s “significant erosion” and
uncertainty surrounding its new leadership.
Three more J.C. Penney stores will be close this spring, with details to follow in its fiscal fourth-quarter results scheduled to be reported Feb. 28.
Three more J.C. Penney stores will be close this spring, with details to follow in its fiscal fourth-quarter results scheduled to be reported Feb. 28.
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