list of past jcpenney ceos

- Focused Penney on home appliances, but shares plunged. Penney CEO Jill Soltau, who had been tapped to revive the. [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. [27][28] Then in November 1996 they acquired the Eckerd chain. [71] That same year, the company announced that it was liquidating its The Foundry Big & Tall Supply Co. chain of standalone clothing stores. J.c. Penney Company Inc | Encyclopedia.com 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's managers and executives, who had equity in individual stores they ran or oversaw, traded their ownership for a stake in the company as a whole. J.C. Penney Executives Given Millions Of Dollars In Bonuses - Forbes [70], In January 2015, it was announced that J. C. Penney would close 39 under-performing stores nationwide and lay off 2,250 employees. For medical reasons he moved to Colorado in 1897 and was soon hired by local dry-goods . They included a relaunch of Le Tigre, along with Decree, and Fabulosity, a junior line of clothing by Kimora Lee Simmons. [21], In 1983, JCPenney discontinued its appliance, hardware, outdoor equipment, and auto center departments, and also sold its automotive centers to Firestone. The company joins with Goodyear and plans auto centers to be located next to future stores. [30] In 1998, JCPenney launched its Internet store.[31]. Wofford came to the company from The Vitamin Shoppe, where he had served as CFO since June 2018. [46], On December 7, 2011, J. C. Penney purchased 16.6% of Martha Stewart Living Omnimedia stock. - Hired from fabric and crafts seller Jo-Ann Stores, she confronted continued falling sales and financial losses. Jan 13, 2022. by George Anderson. In May 2020, JCPenney filed for Chapter 11 bankruptcy protection and, in September 2020, Brookfield Asset Management and Simon Property Group agreed to purchase the company for around $800million in cash and debt. Sales of the service surpassed $1 billion, making the company the second-largest catalog merchandiser in the United States. [14] By 1917, the company operated 175 stores in 22 states in the United States. 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? In 2001, J. C. Penney sold its direct-marketing insurance unit to Dutch insurer Aegon for $1.3billion (equivalent to $1.99billion in 2023) in cash to help refocus the company on retail. After graduating from high school, Penney worked for a local 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. JCPenney CEO's of the past and present have taken very different approaches to solving this problem and that will be discussed throughout this paper. [77] On March 17, J. C. Penney released a list of 138 locations that would close by the end of June. JCPenney has named Katie Mullen as the retailer's new chief customer officer. Johnson came in guns blazing as CEO of J.C. Penney in November 2011. Marc Rosen is pulling together a leadership team at JCPenney with a vision of doing nothing less than transforming the legacy retailer. CEO Ron Johnson, who began his tenure in November 2011, tries to develop Americas favorite store by creating a specialty department store experience. The executive leadership understands the risks but goes forward with the plan. [15] By 1941, J. C. Penney operated 1,600 stores in all 48 states. In July 2009, new additions were made to the J. C. Penney young men's department, including an expansion of its private brand Decree (previously exclusively a juniors clothing line) and the introduction of more skate/surf-oriented clothing, including Rusty, RS by Ryan Sheckler and 3rd Rail. The next year, when the company opened an 18-story office and warehouse building in New York, Penney went back to Florida and built the Memorial Home Community, a 60-acre residential tract for retired ministers, church workers, and missionaries, adjacent to Penney Farms. 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. Penney's instinct proved correct; the store had $28,898 in sales its first year. The company's first full-line stores, with all the new merchandise lines instituted by President Batten, opened in 1963 in Audubon, New Jersey, and King of Prussia, Pennsylvania. FACT SHEET: President Biden Signs Executive Order to Revitalize Our JCPenney Outlet / JC's 5 Star Outlet JCPenney Outlet Stores were stores that sold JCPenney's merchandise at a lower outlet store price. The company boomed in its early days in Western mining towns because it offered all goods at "one fair price" and brought fashionable goods from the East to remote towns. [98], On March 18, J. C. Penney announced all retail stores would temporarily close in response to the global COVID-19 pandemic until April 2. James Cash Penney was born in Hamilton, Missouri. In April 1987, the company announced that it was moving its headquarters to Plano, Texas. 2015. J.C. Penney Company, Inc. -- Company History (Photo by Justin Sullivan/Getty Images), In 1961, James Cash Penney compares pictures of. The company also broke ground for its new corporate headquarters in Plano, Texas, just north of Dallas; winnowed its stores down to 1,328 by closing underperforming outlets; and moved away from some of its private labels, focusing instead on major brand names like Haggar, Healthtex, Jockey, Levi Strauss & Company, Maidenform, Ocean Pacific, Oshkosh, Reebok, Van Heusen, and Warner's. After Rite Aid finalized its acquisition of Eckerd in 2007, the Catalog Centers inside the soon-to-be-converted stores permanently closed. In 1995 the chain expanded to Chile with a store in the capital, Santiago. ", "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. In 1940, Sam Walton began working at a J. C. Penney in Des Moines, Iowa. Annual sales total $2,800. [38] J.C.Penney also re-introduced cosmetics with the opening of Sephora "stores-within-a-store" inside some J.C.Penney locations. The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter. Earlier in 2018, the company announced it would cut 360 jobs at its stores and corporate headquarters. ", "J C Penney Financial Statements 2005-2018 | JCP | MacroTrends", "Teen Sex Ad Not Actually From JC Penney", "The Marketing Doctor Says: J. C. Penney Must Seize This Great Marketing Opportunity", "Why Has JCPenney Been Restoring Its Private Brands? From Its Beginnings To Bankruptcy, A Historical Timeline Of JCPenney Materials and merchandise were scarce, yet the company increased its sales to $500 million in 1945. 1994: Womens Wear Daily names JCPenney as the Number One Best Store for Womens Apparel in the country. [104] On January 1, 2021, Soltau was replaced by Simon Property's chief investment officer, Stanley Shashoua. 65% of the management team is White. At an analyst meeting in New York the same day, Johnson said, "I'm completely convinced that our transformation is on track." The Insurance group, which began reciprocal businesses services in 1990 and moved into Canada in 1992, ran up revenues of $697 million, a 22.1 percent leap from 1994's $571 million; while JCPenney National Bank's revenues grew 21.7 percent from $131 million to $160 million with 470,000 active Visa and MasterCard accounts and receivables of $823 million. 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. [53] In July 2012, the company announced that it was laying off 350 more workers at its headquarters. Hale. - Eliminated Penneys catalog. JCPenney employs 267,000 associates. 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. Another proprietary brand, the Original Arizona Jean Company (begun in 1990), soared in earnings to $400 million from the previous year's $90 million. In 1907 Callahan and Johnson dissolved their partnership, and Penney bought them out, taking over three stores. JCPenney announced Oct. 25 the appointment of Marc Rosen as CEO, effective Nov. 1. The company dedicated its first full-line shopping-center department store in 1961. In 2007, J. C. Penney launched the Ambrielle lingerie label, which became its largest private brand launched in the company's history. 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. 2014. Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb, Horror Movies That Don't Look Like Horror Movies. JCPenney gives executives bonuses ahead of deadline for possible The space that became available was then used for women's apparel. Apr 26, 2023, 11:00 AM PDT. It also reorganized its executive structure around the office of the chairman. J.C. Penney, in full J.C. Penney Corporation, Inc., formerly J.C. Penney Stores Company (1913-24) and J.C. Penney Co. (1924-68), American retail company, founded in 1902 by James Cash Penney and today engaged in marketing apparel, home furnishings, jewelry, cosmetics, and cookware. Please help update this article to reflect recent events or newly available information. 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. Financial issues, including massive debt, continue to hang dark clouds over the firm. Factbox: J.C. Penney's revolving door of CEOs | Reuters 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. The company discontinues its Treasury discount store brand. 1999: Penneys performs below expectations at its department store and catalog businesses. The company began accepting American Express cards as well as Visa, MasterCard, and JCPenney credit cards, and the bank was issuing its own Visas and MasterCards. Just a few months into serving as interim CEO of J.C. Penney, Stanley Shashoua said he sees signs of growth in the business. [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. Although she didn't mastermind the Dallas-based retailer's remarkable. The repeatedly delayed and over-budget Eglinton Crosstown LRT project is being held up by some 260 quality control issues and there is still no credible timeline for its completion, the CEO of . JCPenney Home Stores stores that sold linens & home decor. Unfortunately, Fridays filing wasnt entirely unexpected. JCPenney store, as seen in May 2007, reflects the old Penney's signage. This store was located at Black Horse Pike Center in Audubon, New Jersey. JCPenney appoints Katie Mullen chief customer officer Listen to this article 2 min. 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. Dylan Hollingsworth/Bloomberg/Getty Images. To continue expanding the credit policies of the company, JCPenney began accepting Visa in 1979; MasterCard was accepted the next year. The Linden Street brand features furniture, domestics, and home decor. 1952: Penneys passes the $1 billion mark in annual sales. After Sears closed its catalog business in 1993, J. C. Penney became the last catalog retailer in the United States. 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. The jcpenney.com website becomes the largest online retailer of apparel and home furnishings. 2002: Penney celebrates its 100th year. Fox News . Like other businesses, JCPenney rebounded and had good growth in 1975, but its executives began to suspect the company needed to be restructured. Allen Questron served as Chairman and CEO of Federated Department Stores from 1990 to 1997. In pictures: The history of JCPenney | CNN [56] In 2012, fourth quarter sales for J. C. Penney were poor. JCPenney reenters the major appliance business. Seventeen monthsand many, many mistakeslater, he's out of a job. The next year, the full brunt of the recession and the Gulf War hit consumers and JCPenney rather hard. In 1925 when the company's 674 stores generated sales of $91 million, Penney was again giving some of his good fortune back, this time in establishing the J.C. Penney Foundation to fund a myriad of family-related agencies. [11] It had been established that once the company emerges from bankruptcy it is poised to save nearly 60,000 jobs, according to various independent studies. The stores are reconfigured into separate shops. )[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. Retail sales increased only 0.9 percent for the year ($20.6 billion vs. $20.4 billion), income fell from 1994's outstanding $1 billion to $838 million, and comparative store sales experienced a 1.4 percent drop. St. James Press, 1997. 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. In 1914, Penney relocates the headquarters to New York City in order to be closer to the countrys main garment district. Chip Somodevilla/Getty Images. Part of this land was sold to where the current Toyota North America HQ is now located. 2006: JCPenney develops a partnership with Sephora to open full cosmetic boutiques within its larger department stores. This post was updated on May 17, 2020 in order to reflect correct information posted within the 1962-1963 headings. 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. [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. This year also found Oesterreicher promoted to vice chairman and CEO, W. Barger Tygart named president, and Howell in his 11th year as chairman. Kramer consequently laid off 1,600 employees to change the company's workplace culture. Here are further demographic highlights of the leadership team: The JCPenney executive team is 33% female and 67% male. After graduating from high school, Penney worked for a local retailer. On May 1, J. C. Penney announced a limited number of stores would reopen. The Golden Rule Store expands to 3 stores with annual sales of $166,313. [102][103] As of June 2021, there have been a total of 175 store closures. In eight states, customers could order from the catalog from inside JCPenney stores; a Milwaukee distribution center supplied the goods. 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. [21], In 1977, J.C.Penney sold its four stores in Italy to Italian department store chain La Rinascente, Penneys had opened in Italy in 1970 but left due to diffucilutes encountered when trying to expand in Italy and had only ever opened stores in the Lombardy region. [citation needed]At the same time in June, the company would sell off its shares of Lojas Renner, the Brazilian-based retailer. ", "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. Tuttle, Brad. JC Penney interim CEO sees green shoots as retailer plots turnaround - CNBC Everyone, by now, from consumers to analysts, took note of JCPenney's extraordinary turnaround. [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. [19] That year, the company adopted the JCPenney style in advertising. 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). 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. In the early 21st century the company operated more than 800 stores in the United States and Puerto Rico. [122], In June 2008, an ad called "Speed Dressing" emerged ending with the J. C. Penney logo and slogan "Every Day Matters". This list features past and present top J.C. Penney managers, including both current and retired J.C. Penney executives and alumni. J. C. Penney denied that the ad was theirs and their advertising agency Saatchi & Saatchi reported that it had been created by a third-party vendor. In 1946 Earl Sams was promoted to chairman, with Penney as honorary chairman, and Albert Hughes, a former Utah store manager, was elevated to the presidency. On May 22, J. C. Penney announced the resignation of their CEO, Marvin Ellison. High inventory levels continue to impact the companys bottom line. The former CEO and chairman at JCPenney, Myron E. 'Mike' Ullman III, came in at sixth place. 1942: James Cash Penney gives a keynote address at the companys 40th anniversary celebration in Montana. Penney's first job was clerking in a general store for a salary of $2.27 per month. During World War II, the company sold a record number of war bonds through its stores. JC Penney Continues C-Suite Buildout Under New CEO Will your store shutter? The continued hoopla over the brand's success had even prompted longtime rival Sears to jump into the proprietary denim fray with its own line, Canyon River Blues. All of the outlet stores were closed by 2011. The Woodfield Mall store served as the largest in the chain until a replacement store opened at Plaza Las Amricas in 1998, which is 350,000 square feet (33,000m2) in size. A business should not have to be judged by its bankruptcy, especially when that business is JCPenney. Annual. Reuters reported last month that the 117-year-old department store operator hired advisers to explore debt restructuring options that would buy more time for the money-losing U.S. retailer to forge a turnaround. The stock fell 68% over the course of 2018, including a 30% drop in December 2018 alone. The company opens a trial store in Santiago, Chile. On June 22, J. C. Penney identified an additional 13 stores that would be permanently closed. 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. [34] In 2003, the company opened three stores in strip centers in Texas, Minnesota and Indiana. [13] Penney opened the store on April 14, 1902. Construction on the new company headquarters in Plano, Texas broke ground in 1990 and were completed in 1992.

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