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

J.C. Penney Co. Chief Executive Jill Soltau has been replaced by the beleaguered retailer’s new owners.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,
+0.82%
and Brookfield Asset Management Inc.
BAM,
+0.17%,
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 and was previously CEO of Joann Stores.

J.C. Penney
JCPNQ,
+6.72%
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 in the next two years under a restructuring plan.

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