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JCPenney Ownership Group Starts Search for New CEO

By Chris Wack

 

JCPenney's new ownership group, consisting of Simon Property Group and Brookfield Asset Management, along with strategic partner Authentic Brands Group, have begun a search for a chief executive to replace Jill Soltau, who will be leaving the company Thursday.

The company said the search will look to find someone who shares the goal of creating a sustainable and enduring JCPenney.

JCPenney said the ownership group will establish a temporary office of the CEO to include members of JCPenney's current leadership team. Stanley Shashoua, Simon Property Group's chief investment officer, will be appointed interim CEO, effective Jan. 1.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

December 30, 2020 14:07 ET (19:07 GMT)

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