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J.C. Penney’s new owners, Simon Property Group and Brookfield Asset Management, said Wednesday that they have launched a search for a successor to CEO Jill Soltau.
It’s unclear whether Soltau, who has been CEO since October 2018 and led the retailer through its bankruptcy this year, quit or was fired. Her last day is Thursday. A retention bonus of $4.5 million that the board granted Soltau in May, right before the company filed for Chapter 11 bankruptcy, required her to pay back 80% of the award if terminated for cause before Jan. 31, 2021.
“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 J.C. Penney,” Simon and Brookfield said in announcing the CEO search. The new owners also said that Authentic Brands Group is a strategic partner.
Stanley Shashoua, Simon’s chief investment officer, becomes interim CEO, effective Friday.
The statement from Penney’s new owners said they have “a successful track record of turning around retailers and brands and restoring them to profitability.”
The new ownership group has created a temporary office of the CEO to include key members of Penney’s existing leadership team, but didn’t identify them.
Authentic Brands, which formed a partnership in 2019 with Simon called Sparc Group, purchased Brooks Brothers out of bankruptcy this year. Authentic Brands has been buying up troubled fashion brands including Forever 21, which still operates stores, and Barneys New York, which was bought for its intellectual property.
Twitter: @MariaHalkias
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December 31, 2020 at 02:52AM
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J.C. Penney CEO Jill Soltau exits abruptly, as new owners say they’ll seek someone focused on ‘modern retail’ - The Dallas Morning News
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