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.
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(END) Dow Jones Newswires
December 30, 2020 14:07 ET (19:07 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.