JC Penney retains prominent executives amidst Soltau's exit

In a significant move, J.C. Penney has new owners at the helm. Simon Property Group and Brookfield Asset Management have taken over the department store chain, marking a new chapter in its history.

The change of ownership comes with a series of changes within the company. The new J.C. Penney is currently searching for a permanent chief executive, with an interim CEO, Michael Prendergast, managing the company in the meantime. Prendergast is serving under the temporary leadership of Simon Property Group's Chief Investment Officer, Stanley Shashoua.

Jill Soltau, who joined J.C. Penney from crafts specialist Joann, has departed from the company. Soltau had been working on improving J.C. Penney's branding and merchandising, building a team focused on enhancing the assortment, rebuilding margins, and profits. Her departure could indicate another change of direction for the company after a series of CEOs failed to reverse its declining sales over the past decade.

The pandemic forced J.C. Penney to file for bankruptcy, though it had been in financial distress for years. During this period, the company negotiated with lenders to ease its debt burden. The retail operations were sold in Chapter 11, and the Old Copper Company now controls some of its properties.

The Old Copper Company also saw changes in its board, with B. Craig Owens, Lisa Payne, Leonard Roberts, Javier Teruel, and Ronald Tysoe departing. J.C. Penney's Chief Financial Officer, Bill Wafford, and Principal Accounting Officer, Steve Whaley, have continued with the new J.C. Penney, following Soltau's departure.

In an effort to adapt to the changing retail landscape, J.C. Penney launched lab stores to test new initiatives. These stores featured contactless and curbside pick-up options, store features like a women's styling room and lounge, and occasion and visual merchandising. Soltau's team rolled out a women's merchandising revamp to nearly 100 stores.

Despite the changes, the new governance structure for the new J.C. Penney is in place, but the details of the new board are not yet disclosed. The company is moving forward with a search for a new chief executive, aiming to steer J.C. Penney towards a more prosperous future.