list of past jcpenney ceos

In 1987 the company discontinued sales of home electronics, hard sporting goods, and photo equipment in its stores. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. He later said during a conference that Penney should have stuck with his overall strategy, according to Fortune magazine. As Penney's personal wealth increased, so did his charity. [70], In January 2015, it was announced that J. C. Penney would close 39 under-performing stores nationwide and lay off 2,250 employees. After J. C. Penney sold off Eckerd in 2004, the locations that continued to operate as Eckerd (some locations in the Southern U.S. were sold to CVS Corporation) still had J. C. Penney Catalog Centers inside the stores (which was a carryover from locations that were once Thrift Drug) and also continued to accept J. C. Penney credit cards. (Reuters) - J.C. Penney Co Inc JCP.N late last year tapped Jill Soltau as chief executive officer to stem the decline in sales, the fifth leadership change at the department store operator in 15 years. Customers liked them because of controlled quality and cheaper prices than brand names; Penney liked them because he could control the price and make a higher profit margin. learn how over 7,000 companies got started! - Introduced successful Sephora cosmetics shop-within-shop concept. Photograph by Nancy Newberry for Fortune JCPenney CEO Marc Rosen has no intention of adding to the. - Stopped selling major appliances, including refrigerators and washing machines, and started revamping store layouts to focus on apparel as part of a turnaround attempt that she has emphasized will take time. In 1909, Penney moved his company headquarters to Salt Lake City, Utah to be closer to banks and railroads. Thrift Drug, the 10th largest drugstore chain in the nation with 645 stores in 12 states, had sales of nearly $1.9 billion in '95 (a 20.2 percent increase) and plans for new outlets in North Carolina and New Jersey. Earlier in 2018, the company announced it would cut 360 jobs at its stores and corporate headquarters. WGN Web Desk, and Associated Press. The Penney store at Plaza Las Amricas mall in San Juan, Puerto Rico, which opened in 1968, featured three levels and 261,500 square feet (24,290m2). In 1989 JCPenney was named the U.S.'s exclusive distributor for Olympic apparel, sold its JCPenney Casualty Insurance Company, and debuted the JCPenney Television Shopping Channel. Financial issues, including massive debt, continue to hang dark clouds over the firm. Unfortunately, Fridays filing wasnt entirely unexpected. [55] That month, the company posted a second-quarter comparable-store loss of 22%, with internet sales dropping 33%. Activist investor William Ackman called the company mismanaged under his tenure. In 1913, the company was incorporated under the new name, J. C. Penney Company, with William Henry McManus as a co-founder. While the company was riding high on these achievements, the recession that began in 1974 took its toll. In 1956, J. C. Penney started national advertising with a series of advertisements in Life magazine. The line, named Halston III, would not last long, as it would be poorly received and discontinued after about a year. A sixth catalog distribution center was also opened in 1982, in Manchester, Connecticut. Stock Symbol NYSE: JCP JCPenney Executive Team & Key Decision Makers Show Me More Executives The company discontinues its Treasury discount store brand. Fox News . The company operates 1,075 stores in all 50 states, in addition to Puerto Rico and Mexico. [13] Penney opened the store on April 14, 1902. In 1990 Miller retired and vice chairman Gill took on the former's responsibilities as COO of JCPenney stores and catalog service. [16][17] The company rebuilt the store as a shorter building on a larger footprint and followed up by building Anchorage's first public parking garage, which opened in 1968. Merchandise buyers from the home office could show store managers, salespeople, and local buyers what merchandise was available, and the local employees could help select what goods would likely sell in their stores. In October, it was announced that the company would be tapping former Home Depot executive Marvin Ellison to take on the role of CEO starting in November. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. Though the company has been struggling for the past several years, JCPenney cites COVID-19 as a large reason for Fridays bankruptcy filing. All rights reserved. List of notable or famous J.C. Penney employees, listed alphabetically with photos when available. [40] That year, J. C. Penney reached an agreement with Seattle's Best Coffee to feature full-service cafes within leased departments inside J. C. Penney stores across the country. April 14, 1902: James Cash Penney, along with two partners, opens the 25-foot by 40-foot Golden Rule Store in the mining town of Kemmerer, Wyoming. 41 on Fortune 's list of the country's 50 most powerful female executives. [9][10] Departments inside JCPenney stores include Mens, Womens, Boys, Girls, Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, The Salon by InStyle, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios. Alternate J. C. Penney logo used on a few stores, used from 2011 until 2012. The stock fell 68% over the course of 2018, including a 30% drop in December 2018 alone. Photo: Metaweb (FB) Ken Skistimas Age: 47 Michael T Theilmann The deal was approved by the U.S. bankruptcy court for the Southern District of Texas two months later. [citation needed] Currently, Seattle's Best Coffee is still expanding caf locations within J. C. Penney locations across the country. [66] On December 1, 2013, J. C. Penney was replaced by Allegion in the S&P 500 Index. During the next several years, the company's growth was explosive. [63][64], During the spring of 2013, a kettle sold by the company attracted controversy when many users of social media pointed out its resemblance to Adolf Hitler, with the kettle being dubbed the Hitler teapot. Walter Neppl became president in 1976 (Siebert was still chairman), and the company launched its women's fashion program in five markets, designed to help the company compete against specialty stores cropping up in malls. The company continued to open stores at a fast clip. [60] However, Ackman resigned from the board on August 12, and two new directors were subsequently appointed to the board, one of whom was former Macy's vice chairman Ronald Tysoe. JCPenney CEO Vanessa Castagna ranked No. After his success at Apple and Target, Johnson was hired as chief executive officer by JCPenney in November 2011, succeeding Mike Ullman, who had served as CEO for the preceding seven years. Although she didn't mastermind the Dallas-based retailer's remarkable. The move was considered controversial then as no other high-end designer up to that point in time had licensed their designs to a mid-price retailer. J. C. Penney became the fourth major national retailer to file for bankruptcy in May 2020. The companys stock price becomes extremely volatile and its credit rating is severely downgraded. Stanley Shashoua, Simon's chief investment officer, has been appointed as executive chairman of the Board of Directors after serving as interim CEO of JCPenney since January. The company has had four different CEOs in the past 10 years. [47], In January 2012, the company's chief operating officer at the time, Michael Kramer, revealed to The Wall Street Journal that more than 30 percent of the bandwidth of J. C. Penney's headquarters was used for the viewing of YouTube videos during that month alone. Tucker Carlson. Further, James E. Oesterreicher was named president and Gill retired after 39 years with the company. Between 1995 and 1998, JCPenney entered Indonesia under partnership with Lippo Group (under their Multipolar investment arm) with the branding JCPenney Collections, also used by multiple international JCPenney branches across Asia during the decade. In 1963, J. C. Penney issued its first catalog. In 1983 JCPenney announced a $1 billion program to give its stores facelifts and rearrange merchandise. He implemented the principles of his former partners and expanded the chain throughout the Rocky Mountains by allowing his store managers to buy a one-third partnership in new stores, provided they had a trained salesperson to take their place as manager at the old store. With its new stance as a national department store focusing on apparel, the company had benefitted from its prime regional shopping center space, the most such space of all U.S. retailers. The ad won a prize at the Cannes Lions International Advertising Festival. 1982: JCPenney eliminates several departments such as major appliances, paint, hardware, lawn and garden merchandise, and fabrics. James Cash "J. C." Penney Jr. (September 16, 1875 February 12, 1971) was an American businessman and entrepreneur who founded the J. C. Penney stores in 1902. He did not respond to a request for comment from NPR. In 1986 JCPenney acquired Units, a chain of stores selling contemporary knitwear and by the next year the company was well on its way to achieving the goals it set forth in 1982. In January 2016, J. C. Penney announced plans to relaunch its business of selling major appliances to target a wave of millennials who are buying first-time homes. In 1983 Howell, who most recently held a vice chairmanship (along with David R. Gill, who'd started with the company back in 1953), was elected the sixth chairman of the board, and David Miller was named president. Belle Isle, Ramona, Honor Brand, and Nation Wide were private label names for piece goods, and Big Mac, Waverly, and Lady Lyke were labels on work shirts, men's caps, and lingerie, respectively. Materials and merchandise were scarce, yet the company increased its sales to $500 million in 1945. Marc Rosen is pulling together a leadership team at JCPenney with a vision of doing nothing less than transforming the legacy retailer. The 25th anniversary was celebrated in 1927, and founder James Cash Penney declared that the company had a good shot at achieving sales of $1 billion by its 50th anniversary in 1952. - In 2018, Ellison left Penney to join home improvement chain Lowe's Cos Inc LOW.N. Generating $260million from the sale as it discontinues its operations with Renner and its Latin American footholds as well.[36][37]. It also acquired Supermarkets Interstate, an Omaha-based food retailer which operated leased departments in J. C. Penney stores, The Treasury stores, and Thrift Drug stores. JCPenney's president, David Miller, added vice chairman and COO to his titles, and the company began focusing on four major merchandising groups by dividing them into separate business divisions: women's, men's, children's, and home and leisure. The company's profits even increased during the Depression, and by 1936 sales rose to $250 million, and the number of stores grew to 1,496. (Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images). Web. [32][33], In early 2001, J. C. Penney closed 44 under-performing stores. Foundry Supply Co. (discontinued solo stores, brand moved to JCPenney stores), men's Big & Tall apparel, superseded by SJB and Arizona. The jcpenney.com website becomes the largest online retailer of apparel and home furnishings. JCPenney Home Stores stores that sold linens & home decor. Whatever happens next is all up in the air. Penney's logo used from 1963 to 1971 but still on stores until the 80's. 1922: Penney operates 371 stores with annual sales of $49 million. - Company hired advisers to explore debt restructuring options. [52] In June, Michael Francis (company president) left J. C. Penney after only eight months as president. In November 2007, the company launched a new public website, JCPenneyBrands.com, which covers the company's private and exclusive brands and its branding strategy, as well as a preview of an upcoming product line. It also reorganized its executive structure around the office of the chairman. Penney CEO Jill Soltau, who had been tapped to revive the. In addition, low-margin goods were preventing the company from making its profit potential. The company's first order of business was to expand the fashion programs in men's, women's and children's departments, and the company divided its stores into two categories, metropolitan (based in regional shopping centers) and geographic (based in smaller communities). Apparel, home furnishings, and leisure lines would be emphasized, and auto service, hard line appliances, paint, hardware, lawn and garden merchandise, and fabrics were phased out. A fourth catalog distribution center, in Lenexa, Kansas, was added in 1978. Auto Centers JCPenney had Auto Centers during the 70s and 80s. The store, along with the entire mall, closed by the end of 2007. Ullman then served as chairman of the board of directors, but was relieved of his duties in January 2013. 2016: JCPenney reports $4.8 billion of long-term highly leveraged debt. [citation needed] By the mid-1980s, all JCPenney stores had discontinued sales of firearms. Construction on the new company headquarters in Plano, Texas broke ground in 1990 and were completed in 1992. In a regulatory filing, it was disclosed that J.C. Penny CEO Jill Soltau received a $4.5 million bonus. [102][103] As of June 2021, there have been a total of 175 store closures. JCPenney CEO Marc Rosen Chief Executive Officer Phone Email See Profile Key Employees of JCPenney Stephanie Plaines Chief Financial Officer Phone Email John Aylward Chief Marketing Officer Phone Email Andre Joyner Senior VP & Chief Human Resources Officer Phone Email Sharmeelee Bala Senior VP & Chief Information Officer Phone Email James DePaul [87] On December 26, the stock price of J. C. Penney (NYSE: JCP) fell below $1 per share. Two years after graduating from high school, Penney went to work for a local retailer, J.M. The ouster of Fox's top . JCPenney's stock plunged from a high of $51 a share to $17. JCPenney's new owners, Simon Property Group and Brookefield Asset Management, which purchased the ailing retailer after it filed for bankruptcy in May, have launched a search for a new CEO to replace Soltau. Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 667 stores across 49 U.S. states and Puerto Rico. On May 1, J. C. Penney announced a limited number of stores would reopen. Although Bloomingdale's has had restaurants in their stores for decades and upstart Nordstrom had coffee bars, was the concept still new enough to attract more customers to JCPenney? - The pioneer of Apple Inc retail outlets launched expensive renovations of Penney stores and eliminated coupons. JCPenney announced today the appointment of Marc Rosen as chief executive officer, effective Nov. 1, 2021. [104] On January 1, 2021, Soltau was replaced by Simon Property's chief investment officer, Stanley Shashoua. MasterCard was accepted the following year. This type of JCPenney store only featured fashion for men, women and kids. 1971: Founder James Cash Penney passes away at age 95. Headquarters 6501 Legacy Dr, Plano, Texas, 75024, United States (972) 431-1000 CEO Marc Rosen Revenue $9.3 B Employees 50,000 Founded 1902 Funding History JCPenney raised a total of $3.3 B in funding over 2 rounds, and is a public traded company. 1974: In addition to shopping mall expansions, JCPenney establishes a plan to build smaller retail stores in less urban areas. Since taking the reins as CEO and chairman of JC Penney last November, former Levi Strauss & Co. and Walmart exec Marc Rosen has been busy building out his C-Suite. The Golden Rule Store expands to 3 stores with annual sales of $166,313. [61][62] On September 26, 2013, J. C. Penney, with Goldman Sachs as the sole underwriter, announced plans to issue 84 million shares of its stock. JCPenney focuses on internet sales as its best source for future growth. Popular store brands are reduced or eliminated. 1990: The company slogan becomes Where Fashion Comes to Life. A study shows that 70% of JCPenneys customers are female. Macys files a lawsuit against Penneys for illegally obtaining a merchandising agreement with the Martha Stewart brand. The company issued its first JCPenney card and instituted other changes as a result of the study, including the introduction of major appliances, home electronics, furniture, and sporting goods. The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter.

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