Jill Soltau, chief executive of JC Penney Co., has been replaced by the new owners of the besieged retailer.
In a statement on Wednesday, Simon Property Group Inc. SPG,
and Brookfield Asset Management Inc. BAM,
together with their strategic partner Authentic Brands Group, they said they 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, consumer experience and the goal of creating a sustainable and long-lasting JCPenney,” they said in a statement.
Stanley Shashoua, Simon’s chief investment officer, will take over as acting CEO of JC Penney. The new owners also said they would establish a temporary CEO office, composed of key members of the retailer’s current leadership team.
Soltau, a veteran of the retail industry, was hired in 2018 and was previously CEO of Joann Stores.
JC Penney JCPNQ,
came out of bankruptcy earlier this month, after Simon and Brookfield finalized the purchase of the department store chain. 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 under a restructuring plan.