JC Solney, CEO of JC Penney Co., has been replaced by the new owners of the beleagured dealer.
In a statement Wednesday, Simon Property Group Inc. SPG,
and Brookfield Asset Management Inc. BAM,
along with their strategic partner Authentic Brands Group said they have started looking for a new CEO to replace Soltau, whose last day will be Thursday.
“The search will seek to identify a leader focused on modern retail, the consumer experience and the goal of creating a sustainable and lasting JCPenney,” they said in a statement.
Stanley Shashoua, Simon’s chief investment officer, is acting as interim CEO of JC Penney. The new owners also said they would set up a temporary office of the CEO, consisting of key members of the dealer’s current leadership team.
Soltau, a veteran in the retail industry, was appointed in 2018 and was previously CEO of Joann Stores.
JC Penney JCPNQ,
emerged from bankruptcy earlier this month after Simon and Brookfield completed their purchase from the department store. The retailer, which has been struggling for years and has struggled a lot with the closure of pandemic stores, plans to close about a third of its stores within a restructuring plan over the next two years.