JCPenney: appoints Jo-Ann Stores chief as new CEO

(CercleFinance.com) - Struggling US retailer JCPenney has appointed the former head of fabric and crafts retailer Jo-Ann Stores, Jill Soltau, as its new chief executive, the company said late on Tuesday.


The department store chain thinks that it has found "the right person" to lead the company, considering that Soltau has "rich" apparel and merchandising experience.

"Jill stood out from the start among an incredibly strong slate of candidates," said Paul J. Brown, JCPenney board director and chairman of the search committee.

She is replacing Chairman and CEO Marvin R. Ellison, who notified the company of his decision to resign from his role in May, to become the CEO of home improvement retailer Lowe's.

Her appointment will be effective as of 15 October.



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