J.C. Penney has started the search for a new chief executive.
Jill Soltau, who took the reins of the struggling department store chain in October 2018 and saw it through bankruptcy, will exit Penney on Dec. 31. Penney’s retail business emerged from Chapter 11 in December under the ownership of its biggest landlords: Simon Property Group and Brookfield Asset Management.
In a release, the new owners, along with strategic partner Authentic Brands Group, said they have initiated a search to “identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring J.C. Penney.”
A temporary office of the CEO has been formed that includes key members of Penney’s current leadership team. Stanley Shashoua, Simon Property Group’s chief investment officer, will be appointed interim CEO effective January 1, 2021.
Prior to joining Penney, Soltau served as president and CEO of Joann Stores, the nation’s largest fabric and crafts retailer.
