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J.C. Penney CEO Jill Soltau ousted by new owners

By Mike Murphy

Simon Property exec to take over as CEO search begins

J.C. Penney Co. Chief Executive Jill Soltau has been replaced by the beleaguered retailer's new owners.

In a statement Wednesday, Simon Property Group Inc. (SPG) and Brookfield Asset Management Inc. (BAM.A.T), along with their strategic partner Authentic Brands Group, said they have started to search for a new CEO to replace Soltau, whose last day will be Thursday.

"The search will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney," they said in a statement.

Stanley Shashoua, Simon's chief investment officer, will step in as interim CEO of J.C. Penney. The new owners also said they would establish a temporary office of the CEO, made up of key members of the retailer's current leadership team.

Soltau, a retail-industry veteran, was hired in 2018 (link) and was previously CEO of Joann Stores.

J.C. Penney (JCPNQ) emerged from bankruptcy earlier this month after Simon and Brookfield finalized their purchase of the department-store chain. The retailer, which has been struggling for years and was hard hit by pandemic store closures, plans to close about a third of its stores (link) in the next two years under a restructuring plan.

-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

12-30-20 2111ET

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