JC Penney Co. CEO Jill Soltau has been replaced by the new owner of the retailer.
In a statement on Wednesday, Simon Property Group Inc. GSP
and Brookfield Asset Management Inc. BAM,
together with their strategic partner Authentic Brands Group, they 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 who focuses on modern retail, the consumer experience and the goal of creating a sustainable and sustainable JCPenney,” they said in a statement.
Stanley Shashoua, Simon’s investment director, will step in as JC Penney’s interim CEO. The new owners have also said they will set up a temporary CEO’s office, made up of key members of the retailer’s current management team.
Soltau, a veteran of the retail industry, was hired in 2018 and was previously CEO of Joann Stores.
JC Penney JCPNQ,
went bankrupt earlier this month after Simon and Brookfield completed their store chain acquisition. The retailer, which has been struggling for years and has been hit hard by the closure of pandemic stores, plans to close about a third of its stores in the next two years as part of a restructuring plan.