Jill Soltau, Chief Executive of JC Penney Co., has been replaced by the new owners of the beleaguered retailer.
In a statement Wednesday, Simon Property Group Inc. SPG,
and Brookfield Asset Management Inc. BAM,
along with their strategic partner Authentic Brands Group, they said they are looking for a new CEO to replace Soltau, whose last day will be Thursday.
“The search will seek to find a leader focused 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 chief investment officer, will act as interim CEO of JC Penney. The new owners also said they would establish a temporary office of the CEO made up of key members of the retailer’s current leadership team.
A retail veteran, Soltau 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 completed their purchase of the department store chain. The retailer, which has been struggling for years and severely affected by pandemic store closures, plans to close about a third of its stores in the next two years as part of a restructuring plan.