J.C. Penney maintains key executive staff as Soltau steps down

J.C. Penney, the iconic American department store chain, is undergoing significant changes as it enters a new phase in its history. The retail giant, which has been struggling financially for several years, has undergone a major transformation following its acquisition by Simon Property Group and Brookfield Asset Management.

In early 2025, Marc Rosen stepped in as the new Chief Executive Officer of the combined portfolio, marking the beginning of a new era for the company. Rosen's arrival comes after the departure of Jill Soltau, who joined J.C. Penney from crafts specialist Joann and spearheaded a number of key initiatives to revitalise the company.

Soltau's team aimed to improve assortment, rebuild margins, and profits at J.C. Penney. One of their most notable achievements was the rollout of a women's merchandising revamp to nearly 100 stores, which was designed to boost sales and attract a wider customer base.

However, the pandemic forced J.C. Penney to file for bankruptcy, despite these efforts. The company had been financially distressed and the subject of bankruptcy speculation for years, and the pandemic accelerated its decline. In an attempt to ease its debt burden, J.C. Penney negotiated with lenders during the COVID-19 pandemic.

The retail operations of J.C. Penney were eventually sold in Chapter 11, with the old company rebranding as the "Old Copper Company." The Old Copper Company still controls some of the department store chain's properties, while the retail operations are now owned by Simon and Brookfield.

As J.C. Penney searches for a permanent chief executive, Stanley Shashoua, the Chief Investment Officer at Simon, is serving as interim chief for the company. The search for a new CEO is being led by Simon and Brookfield, who are determined to find a leader who can continue the work started by Soltau and her team.

The new J.C. Penney is also focusing on innovation and new initiatives to attract customers and boost sales. For example, the company has launched lab stores to test new concepts like contactless and curbside pick-up options, store features like a women's styling room and lounge, and occasion merchandising.

Despite the challenges ahead, there is a sense of optimism about J.C. Penney's future. With a new CEO at the helm and a focus on innovation, the company is poised to make a comeback and regain its position as a leading department store chain.

In other news, some key executives have departed from the old J.C. Penney, including B. Craig Owens, Lisa Payne, Leonard Roberts, Javier Teruel, and Ronald Tysoe. However, Bill Wafford, the Chief Financial Officer, and Steve Whaley, the Principal Accounting Officer, are staying with the new J.C. Penney. Wafford and Whaley recently resigned from their positions at the old Penney, but have chosen to continue their work with the company as it embarks on this new chapter.

As J.C. Penney moves forward, it will be interesting to see how the company continues to evolve and adapt to the changing retail landscape. With a focus on innovation, a new CEO, and a strong team in place, there is hope that J.C. Penney can once again become a thriving and successful department store chain.