list of past jcpenney ceos

J.C. Penney and the Terrible Costs of Hiring an Outsider CEO. Marc Rosen will take the helm at J.C. Penney Co. as the retailer continues to try to stabilize its business. Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb, Horror Movies That Don't Look Like Horror Movies. 1988: JCPenney relocates its New York corporate headquarters, located at Avenue of the Americas and 52th Street, to Plano, Texas. The next year, Hughes became chairman and Batten became president. 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. Earnings rebounded as a result, rising from $4.11 per share in 1987 to $5.92 in 1988 from total sales of $14.8 billion. JCPenney Company Profile | Management and Employees List - Datanyze They included a relaunch of Le Tigre, along with Decree, and Fabulosity, a junior line of clothing by Kimora Lee Simmons. Here's a map of where they are", "Bankrupt JCPenney Is Closing its Manhattan Mall and Kings Plaza Locations in NYC", "J.C. Penney closing more stores after exiting bankruptcy. ", "J.C. Penney, Macy's to shut stores, lay off scores", "J.C. Penney targets millennials with a return to the appliance business", "JC Penney takes on lease 130,000 sq ft in Bengaluru", "J.C. Penney Is Selling Its Headquarters for $353 Million", "J.C. Penney is Selling Its Headquarters for $353 Million", "JC Penney Closing 140 Stores in Early 2017", J.C. Penney Is Closing These 138 Stores This Spring, "J.C. Penney Opening "Jacques Penne" Pop-Up Shop", "Nicole Richie tells us her beauty resolution for 2018 and the products on her holiday wish list", "J.C. Penney is closing a Wisconsin distribution center and 8 stores", "JC Penney taps former Joann Stores chief Jill Soltau as its CEO, sending shares up more than 10%", "Penney's First Female CEO Says Her Turnaround Will Be the One to Work", "Jill Soltau's Slow Approach To Save JC Penney May Be As Dangerous As Ron Johnson's Quick Attempt", "JCPenney stock falls below $1 for the first time ever", "JCPenney is ditching appliances and most furniture from its stores", "JCPenney plans to close 27 stores as sales sink", "J.C. Penney Taps New CFO as Retailer Fights Falling Sales", "JCPenney names new chief customer officer", "JCPenney, Kohl's disappoint and stocks crater", "J. C. Penney to close six stores and a call center", "Soltau And Team Taking $10 Million In Bonuses Out Of Sinking Penney", "NYSE to Suspend Trading in J. C. Penney Company (JCP)", "Coronavirus (COVID-19) Response Penney IP LLC", "JC Penney is closing 13 more stores. Dylan Hollingsworth/Bloomberg/Getty Images. Materials and merchandise were scarce, yet the company increased its sales to $500 million in 1945. [51], In April 2012, nearly 13% home office staff in Dallas were laid off and a call centre in Pittsburgh was closed down. 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. From 1999 to 2000, he was the chairman, president and CEO of Barneys New York, and finally worked with J.C. Penney Company in 2000 as the chairman and CEO. [100] On July 7, 2020, J. C. Penney announced that they would close two stores in New York City; one at the Manhattan Mall, which was closed immediately and the Kings Plaza store in Brooklyn, which closed on Sunday, September 27, 2020. . 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. [39] That summer, J.C.Penney also added a new brand to its home collection, "Linden Street." Age: Dec. at 95 (1875-1971) Joanne L Bober Ken C. Hicks Ken C. Hicks is the CEO of Foot Locker. JCPenney avoided bankruptcy after the company paid down paid $17 million in debt on Friday after missing two previous payments.JCPenney has an estimate $3.6 billion in debt. [89] On February 28, J. C. Penney announced its intent to close 27 stores in 2019, including 18 full-line department stores and nine home-and-furniture stores. Using money from savings and a loan, Penney joined the partnership and moved with his wife and infant son to Kemmerer, Wyoming, to start his own store. [85][86] She has also brought new talent and has cleaned out inventory. It also reorganized its executive structure around the office of the chairman. By then, sales had grown to $10.8 billion, the women's fashion program was introduced in new markets, and a home furnishings line was added. [13] In 1899, Callahan sent Penney to Evanston, Wyoming, to work with Johnson in another Golden Rule store. 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. 2013. Oct 26, 2021. To retain its claim as the U.S.'s largest department store, especially with old foe Sears pounding on the door, JCPenney's executives turned up the heat with more private label brands and, oddly enough, coffee. JCPenney to Hire 650 Seasonal Workers in Chicago Area. [73][74], In January 2017, J. C. Penney sold its headquarters campus and surrounding land in Plano, Texas to Dreien Opportunity Partners as a leaseback sale to maintain operations at the location. Why JCPenney's CEO thinks his turnaround plan will work | Fortune [11], In May 2022, the company announced that it was returning to its Plano headquarters.[1]. 18. Penney sales and market value reached all-time highs. 2002: Penney celebrates its 100th year. JCPenney eventually loses the court battle. 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 company entices its 3,600 corporate employees with a better quality of life environment as a benefit for the relocation. 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. The so-called "mother store", in Kemmerer, opened as the chain's second location in 1904. From Its Beginnings To Bankruptcy, A Historical Timeline Of JCPenney The launch, which was accompanied by an ad campaign during the 80th Academy Awards, was the company's largest private brand launch. Hale. [56] In 2012, fourth quarter sales for J. C. Penney were poor. Although as a result of the acquisition, Rite Aid now accepts J. C. Penney credit cards, even at Rite Aid locations that existed before the acquisition of Eckerd. In 1963, J. C. Penney issued its first catalog. The company needed bigger headquarters because it had grown significantly in 38 years; it built a 45-story office in New York in 1964, where the company stayed until its later move to Dallas. In the fall of 2011, Ron Johnson was appointed not just as CEO of JC Penney, but as the savior responsible for breathing new life into one of the dowdiest dinosaurs in American retail. 1963: On August 15, Penneys opens its first full-line department store, located at the King of Prussia Plaza in suburban Philadelphia. The company--now with 1,602 stores--opened a store in Hampton Village, Missouri, in 1949 in a "drive-in shopping district," a precursor to suburban malls. Stock Symbol NYSE: JCP JCPenney Executive Team & Key Decision Makers Show Me More Executives The company operates 1,075 stores in all 50 states, in addition to Puerto Rico and Mexico. JCPenney CEO Jill Soltau speaks during an interview in Fort Worth, Texas, in 2019. [71] That same year, the company announced that it was liquidating its The Foundry Big & Tall Supply Co. chain of standalone clothing stores. Internet sales amount to $15 million for the inaugural year. On the heels of these triumphs came a two-for-one stock split in March 1993; a new advertising campaign reflecting the company's invigorated stance (JCPenney--Doing It Right); year-end retail sales just shy of $19 billion (up 5.4 percent); and income of $940 million (up 21 percent) due in part to stronger catalog sales of $3.5 billion (an 11 percent increase). Web. 1907: James Cash Penney buys out his original partners and assumes sole control of the business. [53] In July 2012, the company announced that it was laying off 350 more workers at its headquarters. While the company was riding high on these achievements, the recession that began in 1974 took its toll. The company offered, and sold, three million shares of common stock in 1975, and Sesame Street joined JCPenney's fold by signing an exclusive licensing agreement for children's wear. In 2010, Vornado Realty Trust took a 9.9 percent stake in Penney; it sold off its 9.9 Million share interest in the company for $13.00 per share in 2013. 1983: The company introduces the Halston III line of fashion merchandise, the first collaboration between a high-end designer and a mass merchandiser. Although she didn't mastermind the Dallas-based retailer's remarkable. On December 30, 2020, it was announced that Jill Soltau would step down as CEO of JCPenney, effective December 31, 2020. 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. In 1984, JCPenney acquired the First National Bank of Harrington, Delaware and renamed it J. C. Penney National Bank. 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. 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. Space inside the HQ building has been subleased. This post was updated on May 17, 2020 in order to reflect correct information posted within the 1962-1963 headings. The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney didn't want to accept mining company scrip or credit. Future discount stores are renamed Treasury and become one-stop shopping centers, from general merchandise to food departments. Privacy Policy. Two years after graduating from high school, Penney went to work for a local retailer, J.M. [22][23] In the same year they also closed down their unprofitable Supermarkets Interstate supermarket brand which operated in Treasury discount stores, however the stores that were not in Treasury locations remained open. This type of JCPenney store only featured fashion for men, women and kids. Construction on the new company headquarters in Plano, Texas broke ground in 1990 and were completed in 1992. 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. During the next several years, the company's growth was explosive. SAN BRUNO, CALIFORNIA - MAY 15: The parking lot in, front of a JCPenney store at The Shops at Tanforan Mall on May 15, 2020 in San Bruno, California. 1977: This is JCPenney becomes the company slogan. J. C. Penney credit cards were first issued in 1959. [114] On July 31, 2020, it was announced that 21 stores, including the "Mother Store" in Kemmerer, Wyoming, would be auctioned off as part of the proceedings. In 1929 the company was listed on the New York Stock Exchange. 1913: The company, headquartered in Salt Lake City since 1909, is incorporated as the J.C. Penney Co. 1999: Penneys performs below expectations at its department store and catalog businesses. Everything these days seems all up in the air. [111][112][113] On July 8, J. C. Penney submitted their bankruptcy exit plan to existing lenders, and also requested more time for negotiations. The second full-line shopping center store was dedicated, at King of Prussia Plaza in King of Prussia, Pennsylvania in late 1962. Penney put in three years as a salesman, and Callahan and Johnson decided to make him a manager and partner. JCPenney's New Owners Begin Search for CEO to Replace Jill Soltau [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. 1927: Penneys celebrates its 25th anniversary. 2019: Jill Soltau, named CEO in October 2018, helps develop a new concept store for JCPenney. A Strategic Mistake that Haunts JC Penney. JCPenney appoints Katie Mullen chief customer officer With over 1,200 stores in all 50 states as well as Puerto Rico, Mexico, and Chile, J.C. Penney Company, Inc. (JCPenney) is the largest department-store retailer and catalog merchant in the United States, with licensing agreements for its products throughout the world. [75] The land has since been broken up and sold/developed. The company survived the hard times largely because it had become known for its high quality goods and service, and people turned to JCPenney for the basic items they needed. Fay's, Kerr, and Eckerd merged into J.C.Penney's drug store subsidiary Thrift Drug. JCPenney furniture outlet JCPenney outlet stores that only sold furniture & rugs. J. C. Penney logo,[127] originally used from 1971 to 2011 and again from 2013 to 2019. In April 1987, the company announced that it was moving its headquarters to Plano, Texas. - 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. 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). Treasury Drug stores became Eckerd which JCPenney also owned. The former included Zonz, an Arizona offshoot for teens, and new additions to its menswear collection; the latter concerned a joint venture with the Coffee Group of Costa Mesa to install "JC Java" coffee bars in 800 of its stores, beginning with a handful in Orange Country, California in the fall of 1997. [67] S&P cited J. C. Penney's 37% fall in market value to $2.7billion (equivalent to $3.14billion in 2023) was "more representative of the mid-cap market". 1971: Founder James Cash Penney passes away at age 95. Apr 25, 2023. After only four years as chairman, Earl Sams died in 1950. After Sears closed its catalog business in 1993, J. C. Penney became the last catalog retailer in the United States. High inventory levels continue to impact the companys bottom line. 1977: "This is JCPenney" becomes the company slogan. In recent years, JCP has opened stores in power centers, as well as stand-alone stores, sometimes adjacent to competitors. [citation needed]At the same time in June, the company would sell off its shares of Lojas Renner, the Brazilian-based retailer. For the past ten years JCPenney JCP 0.0% has cycled through four presidents and four different retail strategies all without much success or continuity. With the $14 million remodeling of its key store in Atlanta, JCPenney rolled out the prototype of its latest store design. He will assume the . )[29], On December 9, 1998, The New York Times reported JCPenney would acquire controlling interest of Lojas Renner for a little over $33 million, which increased the company's maneuvering ability with their already existing units in Chile, Mexico and Puerto Rico. Executive Summary. This lost decade signals that . Eglinton Crosstown plagued by 260 quality control issues - CBC ", "JCPenney Unveils Linden Street Home Brand Bedding Collection", "Metropolitan Buys J.C. Penney Casualty Insurance", "X over it J. C. Penney's gas station and auto center", https://en.wikipedia.org/w/index.php?title=JCPenney&oldid=1150614618, St. John's Bay, casual clothing and shoes for men and women, including Big & Tall (men) and Plus (women), St. John's Bay Outdoor, men's outdoor apparel, Xersion, active and athletic clothing for men, women and children, Worthington, women's formal and casual clothing and shoes, a.n.a, young women's urban clothing and shoes, Ambrielle, women's sleepwear, intimates, and swim, Stafford, men's tailored/fitted clothing and shoes, J. Ferrar, men's full line of slim-fitting clothing,including Big & Tall, Collection by Michael Strahan, men's suits, ties, and cuff links, Mutual Weave, men's denim and casual outerwear, Marilyn Monroe, women's vintage collection. 2009: After 46 years, Penneys discontinues its popular catalog, along with its large network of Outlet Stores. See the closure list", "J.C. Penney's sale approved by bankruptcy court", "From Its Beginnings To Bankruptcy, A Historical Timeline Of JCPenney", J.C. Penney Company Company History & Profile, "PENNEY AGREES TO SELL ITS FIVE STORES IN MILAN", When J.C. Penney Co. Inc. decided to move its headquarters, "J.C. Penney Will Add Fay's To Thrift Drug Division", "J.C. Penney Will Buy Eckerd For $2.5 Billion in Cash, Stock", "Welcome to Walgreens Your Home for Prescriptions, Photos and Health Information", "Company News; J. C. Penney to Acquire 21-Store Brazilian Retail Chain", "J.C. Penney to Leave Chile Store, Take Charge in Third Quarter", "J.C. Penney OKs Sale of Insurance Unit to Aegon", "JCPenney makes off-the-mall move: new, smaller test format adds trapping familiar to mass channel", "JCPenney Closes on the Sale of Shares of Lojas Renner S.A.", "J.C. Penney, Target Added To List Of Gonzalez Retail Victims", "Vornado sells entire J.C. Penney stake for $13 per share", "JC Penney closes catalog business and outlets", "J.C. Penney to Close Stores, Exit Catalog Business", "J.C. Penney to offer Martha Stewart shops", "JC Penney Exec Admits Its employees harbored enormous YouTube addiction", Why J.C. Penney Will Be The Most Interesting Retailer Of 2012, "J.C. Penney adopting new pricing, sales strategy", "J.C. Penney lays off 600 at Legacy headquarters in Plano", "J.C. Penney lays off 350 workers, shares fall", "J.C. Penney Rises After CEO Says Overhaul Is 'On Track', "How to Ruin a Retail Giant in One Easy Step", "Nickelson Wooster to become creative director for JCPenney's men's clothing business", "JCPenney fires Ron Johnson as CEO; hire previous CEO Ullman", "JCP Shares Slip; Ackman Seeking Ouster of Chairman", "J.C. Penney Wins Battle; Struggles Remain", "Bill Ackman did what is best for JC Penney by stepping down from the board", "JCPenney Announces Equity Offer Hours After CEO Ullman Denies Need to Raise Capital", "J.C. Penney to Raise Cash in Offering of Its Shares", "Tempest Over A Teapot: JC Penney Removes 'Hitler' Billboard", "J.C. Penney Will Be Replaced by Allegion in S&P500 After Drop", "Soros exits J.C.Penney, trims Herbalife, others follow", "Retailers JC Penney and Sears to cut thousands of jobs", "JCP's Incoming CEO: Can Marvin Ellison Revive The Still-Embattled Chain? The company proceeds with a new off mall store format for future expansions. Penney's health suffered while he was in the Midwest, and his doctor advised him to move to the cooler climate of Colorado. They were prototypes for the JCPenney stores of the next two decades. [13] Callahan and Johnson asked Penney to join them in opening a new Golden Rule store. As consumers, we often take for granted all the hard work that goes into building a great company. The company discontinues its Treasury discount store brand. He later said during a conference that Penney should have stuck with his overall strategy, according to Fortune magazine. The company sells the Sarma-Penney firm in 1987. Web. The company also sells its auto center business. That same year, fashion designer Roy Halston, signed a six-year, $1billion deal with JCPenney to sell a line of affordable clothing, accessories, cosmetics, and perfumes ranging in price from $24 to $200. Google took retaliatory action and drastically reduced the visibility of J. C. Penney in the search results. New York CNN Business . Macys files a lawsuit against Penneys for illegally obtaining a merchandising agreement with the Martha Stewart brand. Donald Seibert was elected fifth chairman of the board and CEO in 1974, the same year a third catalog distribution center was opened in Columbus, Ohio. [13] Penney opened the store on April 14, 1902. 2006: JCPenney develops a partnership with Sephora to open full cosmetic boutiques within its larger department stores. Warehouse Building (St. Louis, Missouri), "J.C. Penney is moving back into its former Plano headquarters", "2010 Form 10-K, J. C. Penney Company, Inc", "Boardroom Battle at J.C. Penney Over CEO", "J. C. Penney 2011 Annual Report, Form 10-K, Filing Date March 28, 2012", "SEC: 2019 Form 10-K J. C. Penney Company, Inc", "JCPenney Department Store Locations, Directions & Hours", "JCPenney closing more stores after bankruptcy. [79], In an effort to capitalize on self-deprecating humor and improve its reputation, J. C. Penney collaborated with Nicole Richie and other designers to open a "Jacques Penne" pop-up shop in Manhattan during the 2017 holiday season. By 1912, Penney had 34 stores in the Rocky Mountain States. [59] In August, William A. Ackman, of Pershing Square Capital Management, continued his efforts to remove Thomas Engibous, the company's chairman of the board of directors. In 1983 JCPenney announced a $1 billion program to give its stores facelifts and rearrange merchandise. Chip Somodevilla/Getty Images. Returned as CEO in 2013 after J.C. Penney suffered a tumultuous two years under replacement Ron Johnson. JCPenney gives executives bonuses ahead of deadline for possible 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. Fox News . The store, along with the entire mall, closed by the end of 2007. In eight states, customers could order from the catalog from inside JCPenney stores; a Milwaukee distribution center supplied the goods. "Penney . In February 2012, JCPenney, renamed JCP, institutes a Fair Square pricing policy that eliminates sales and promotions. 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. See the list", "JCPenney Store Closings Penney IP, LLC", "J.C. Penney sale to landlords Simon and Brookfield is completed", "J.C. Penney store closings list released: Is your local store facing liquidation in bankruptcy?
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