JC Penney CEO Jill Soltau to leave retailer after it emerged from bankruptcy with new owners

Signage is displayed exterior a JC Penney Co. retailer in Chicago, Illinois.

Christopher Dilts | Bloomberg | Getty Images

J.C. Penney CEO Jill Soltau, who was tapped to flip across the struggling division retailer, will leave the corporate Thursday.

The firm’s new owners, Simon Property Group and Brookfield Asset Management, mentioned Wednesday that they are searching for a new chief “who is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney.”

The Plano, Texas-based retailer filed for bankruptcy in May. It was purchased by the 2 U.S. mall owners within the fall and emerged earlier this month. It joined a rising checklist of shops’ pushed to the brink by the coronavirus pandemic. Yet the legacy retailer’s troubles started earlier than the worldwide well being disaster. Its gross sales have fallen yearly since 2016. At the time when it filed for bankruptcy, its roughly 860-store footprint was lower than 1 / 4 of its retailer base in 2001.

About two years in the past, the corporate employed Soltau to spearhead its turnaround effort after its former CEO Marvin Ellison left to lead Lowe’s. She beforehand served as CEO of material and craft retailer, Joann Stores. She additionally labored for Sears, Kohl’s and Shopko Stores. At the time, information of her rent despatched shares hovering as buyers had hope she would deliver recent concepts and drive development on the division retailer.

This yr, nevertheless, the corporate’s efforts have been set again as its shops quickly shuttered through the pandemic and battered its already stretched funds.

Simon and Brookfield have chosen Simon’s Chief Investment Officer Stanley Shashoua to function interim CEO, in accordance to a information launch. They have launched an govt search with strategic accomplice Authentic Brands Group. The licensing agency owns stakes of different retailers which have emerged from bankruptcy, together with Brooks Brothers and Forever 21.

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