list of past jcpenney ceos

Executive Summary. JCPenney has a new CEO. The entrance to Little Rock's University Mall. [52] In June, Michael Francis (company president) left J. C. Penney after only eight months as president. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. Earlier in 2018, the company announced it would cut 360 jobs at its stores and corporate headquarters. On February 12, 1971, James Cash Penney died at the age of 95; the company's stores were closed the morning of his funeral on February 16. [88], On February 6, 2019, J. C. Penney said it would stop selling major appliances on February 28, and that furniture would be limited to online and stores in Puerto Rico. It is unclear whether she was fired or resigned. [45], In October 2011, J. C. Penney sold the 15 remaining catalog outlet stores to SB Capital Group, the stores were then converted into JC's 5 Star Outlets. J.C. Penney's new owners are looking for a new leader for the struggling retailer, which emerged from bankruptcy earlier this month. The Penney Building in Anchorage partially collapsed and was damaged beyond repair in the 1964 Alaska earthquake. 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. In 1995 JCPenney's recovery lost its momentum, falling short of both its own and analysts' expectations. List of notable or famous J.C. Penney employees, listed alphabetically with photos when available. Investors believed low-margin items like appliances were squeezing profits, and that discount and self-service home-center stores were doing a better job than JCPenney in the hardware business. his first store (left) with the new Hammond, Indiana, store. Please help update this article to reflect recent events or newly available information. Allen Questron served as Chairman and CEO of Federated Department Stores from 1990 to 1997. The company opened its 500th store in 1924 in Hamilton, Missouri, James Cash Penney's hometown. Construction on the new company headquarters in Plano, Texas broke ground in 1990 and were completed in 1992. Source: International Directory of Company Histories, Vol. 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. While the company was riding high on these achievements, the recession that began in 1974 took its toll. 1969: Penneys acquires the Pittsburgh-based Thrift Drug Company and enters the pharmacy business. It also acquired Supermarkets Interstate, an Omaha-based food retailer which operated leased departments in J. C. Penney stores, The Treasury stores, and Thrift Drug stores. He relocated to Colorado at the advice of a doctor, hoping that a better climate would improve his health. A hip redesign of the Plain Pockets line, Arizona quickly eclipsed JCPenney's expectations, prompting a slew of additional designs in different sizes and colors. He will assume the . learn how over 7,000 companies got started! [42][43] An additional seven stores, two call center facilities, and one customer decorating facility would also be closed. MasterCard was accepted the following year. At an analyst meeting in New York the same day, Johnson said, "I'm completely convinced that our transformation is on track." Financial issues, including massive debt, continue to hang dark clouds over the firm. the locations that continued to operate as Eckerd, Cannes Lions International Advertising Festival, J. C. Penney-Chicago Store (Tucson, Arizona), J. C. Penney Company Building (Shoshone, Idaho), J. C. Penney Co. In 1956, J. C. Penney started national advertising with a series of advertisements in Life magazine. With 32 departments, the 152,000-square-foot store is designed to be a prototype for future expansions into larger markets. [69] J. C. Penney's stock continued its decline until their first quarter results in 2014 showed signs of improvement, and sent the share value back into the double digits. - Eliminated Penneys catalog. In 1913, the company was incorporated under the new name, J. C. Penney Company, with William Henry McManus as a co-founder. By June 17, J. C. Penney reopened approximately 827 stores; most of the 154 scheduled for permanent closure in 2020 were among those reopened, with final closing sales in progress. 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 1984, JCPenney acquired the First National Bank of Harrington, Delaware and renamed it J. C. Penney National Bank. Fox News . The cash-only business consists of 773 stores and sales of $115 million. J. C. Penney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. [21], In 1983, JCPenney discontinued its appliance, hardware, outdoor equipment, and auto center departments, and also sold its automotive centers to Firestone. Below is a timeline that outlines most of the peaks and valleys, mostly peaks, of this great American retail institution. [90] On March 26, J. C. Penney announced the hiring of Bill Wofford as chief financial officer. The move stood in contrast with CEO Mike Ullman's remarks from earlier that day, whereby he did not foresee "conditions for the rest of the year that would warrant raising liquidity". The line, named Halston III, would not last long, as it would be poorly received and discontinued after about a year. . Coupled with a "contemporary and fashion-forward environment," sales rose substantially in 1992 and 1993, due to a revitalized Worthington career collection and the debut and ongoing success of new bath and body products. JCPenney is starting the new year with a post-Chapter 11 restart, new owners, new financing and soon will have a new CEO. Figures for 1994 further demonstrated the company's achievement, with $20.4 billion in retail sales ($800 million from Arizona brandwear), a 6.8 percent comparative store sales increase, and net income topping $1 billion. 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. NEW YORK, NY, UNITED STATES - 2018/07/08: JCPenney's Manhattan store, in the former Gimbels flagship, opened in 2009. Web. In 1987 the company discontinued sales of home electronics, hard sporting goods, and photo equipment in its stores. [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. 1977: "This is JCPenney" becomes the company slogan. Sales topped $3 billion in 1968; in 1969 the company added an Atlanta, Georgia, catalog distribution center and purchased Thrift Drug Company. At the same time, William Batten, a vice-president, conducted a study in 1957; the results indicated the company should adapt to changing consumer spending habits, especially by beginning to sell on credit instead of for cash only. The Golden Rule Store expands to 3 stores with annual sales of $166,313. 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. [46], On December 7, 2011, J. C. Penney purchased 16.6% of Martha Stewart Living Omnimedia stock. I write about department stores; past and present. As a fifth distribution center was added in 1979, in Reno, Nevada, the catalog service went nationwide. Two years after graduating from high school, Penney went to work for a local retailer, J.M. During World War II, the company sold a record number of war bonds through its stores. ", "Why JCPenney is Asking for More Time as it Wades Through Bankruptcy", "JCPenney Puts Its Original 1902 Store In Kemmerer, Wyoming Up For Auction", "The New York Times: J.C. Penney to sell retail business to Simon Property Group and Brookfield Property Partners", "J.C. Penney emerging from bankruptcy could save 60,000 jobs", "JCPenney Turns Off The Lights At Its Plano, Texas Headquarters", "J.C. Penney still doesn't have a headquarters, but it's making do at the mall", "JCPenney unveils 10 indie beauty-focused shop-in-shop locations across the US", "Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney", "A streamlined proposal for rival retailers: Is JCPenney buying Kohl's? 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. - Introduced successful Sephora cosmetics shop-within-shop concept. The company also introduced a communications system for broadcasting directly to its stores using satellite transmissions from headquarters. In the 1960s, JCPenney expanded to include Alaska, Hawaii, and Puerto Rico. In 2013, Soros Fund Management sold over 19 million J. C. Penney shares after only owning them for a few months. 2009: After 46 years, Penneys discontinues its popular catalog, along with its large network of Outlet Stores. Penney's health suffered while he was in the Midwest, and his doctor advised him to move to the cooler climate of Colorado. In 1940, Sam Walton began working at a J. C. Penney in Des Moines, Iowa. [57] It was announced in April 2012 that Nickelson Wooster would become the creative director for J. C. Penney menswear. In April 1987, the company announced that it was moving its headquarters to Plano, Texas. It was the largest J. C. Penney until a 300,000-square-foot (28,000m2) store was dedicated at Greater Chicago's Woodfield Mall in 1971. The stores, located in the Lombardy region, are sold in 1977. Like other businesses, JCPenney rebounded and had good growth in 1975, but its executives began to suspect the company needed to be restructured. Activist investor William Ackman called the company mismanaged under his tenure. JC Penney left Chile in 1999, after five years in the country it closed down its home store and sold its main store in Santiago to Almacenes Paris. J. C. Penney logo used from 2012 until 2013[128], Beginning with the Marathon Hats line, JCPenney has introduced multiple private brands, partially in response to suppliers denying access to expected inventories.[129][130]. [24], In 1978, the J. C. Penney Historic District in Kemmerer, Wyoming, was designated a U.S. National Historic Landmark. Annual sales exceed $10 billion. Thrift Drug celebrated its 50th anniversary in 1985; JCPenney's total year-end sales hit $13.6 billion. Sales of the service surpassed $1 billion, making the company the second-largest catalog merchandiser in the United States. New York CNN Business . The company also planned to offer buyouts to roughly 6,000 employees. JCPenney locations that are listed on the National Register of Historic Places (NRHP): This article is about the department store chain. JCPenney has 60,000 employees, of which 24 are in a leadership position. Privacy Policy. In February 2008, the company launched the "American Living" brand, as developed by Ralph Lauren, across several product lines. LEWISVILLE, Texas - (Oct. 25, 2021) - JCPenney announced today the appointment of Marc Rosen as chief executive officer, effective Nov. 1, 2021. Mike Ullman, the retailer's former CEO, was announced as his replacement shortly afterwards. Marc Rosen is pulling together a leadership team at JCPenney with a vision of doing nothing less than transforming the legacy retailer. In an unusual corporate move, J. C. Penney resumed the chairmanship instead of promoting Albert Hughes. Much of the big decrease was because of a $190billion debt replace. He implemented the principles of his former partners and expanded the chain throughout the Rocky Mountains by allowing his store managers to buy a one-third partnership in new stores, provided they had a trained salesperson to take their place as manager at the old store. The companys stock price becomes extremely volatile and its credit rating is severely downgraded. [65], During a November 2013 conference call to Wall Street analysts, Ullman announced that J. C. Penney is "restoring initial markups necessary to support the return [to a] promotional department store strategy" with "gross margins, currently 29.5 percent of sales versus 32.5 percent a year ago, were lower due to the impact of clearance sales to eliminate inventory overhang and to transition back to the promotional pricing strategy the company is known for. The ad was criticized for seeming to promote teen sex. It was entered in the competition by Epoch Films, who declined to comment. ", "JCPenney Store Closings JCPenney Company Blog", "JCPenney will close nearly 30% of its stores as part of its bankruptcy plan", "J.C. Penney liquidation sales at 136 closing stores underway with discounts up to 40% off", "13 more J.C. Penney store closings revealed: Department store continues bankruptcy store closures", "Forever 21 Bailout Team May Rescue JCPenney", "Bankrupt JCPenney, Sycamore Partners in acquisition talks: Report", "As Reports Swirl, What Could Amazon Want From JCPenney? Ron Johnson (2011-2013) - The pioneer of Apple Inc retail outlets launched expensive. After only four years as chairman, Earl Sams died in 1950. JC's 5 star outlet was a "lower rank" outlet store. As JCPenney struggles with missed debt payments and prepares for a possible bankruptcy filing, it approved bonuses of $1 million or more to its top four executives . The company closed the Treasury discount stores in 1980 because they were unprofitable and decided to focus resources on its JCPenney stores. [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. 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. In 1913, Penney incorporated the company as J.C. Penney Company, Inc. and moved the corporate headquarters to New York City to be closer to manufacturers and suppliers. Popular store brands are reduced or eliminated. ", "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. (Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images). Though the company has been struggling for the past several years, JCPenney cites COVID-19 as a large reason for Fridays bankruptcy filing. Johnson is removed as CEO in April 2013 and former CEO Myron E. Ullman III is reinstated. A major reorganization of the company from a mass marketer into a fashion-oriented national department store during the 1980s, along with the relocation of its corporate headquarters from New York to less expensive Texas, put JCPenney in a strong position to compete in the tough retailing climate of the 1990s. Penney became chairman of the board in 1917, when the company had 175 stores, and Earl Sams became president. JCPenney's president, David Miller, added vice chairman and COO to his titles, and the company began focusing on four major merchandising groups by dividing them into separate business divisions: women's, men's, children's, and home and leisure. Other brands for juniors and young men's were launched that summer. By the end of 1986, there were 1,482 JCPenney stores dotting the country, about to undergo a major change. Two years later, when James Cash Penney died at age 95, sales for the company he founded hit $5 billion and the catalog business made a profit for the first time. JCPenney employs 267,000 associates. Kramer consequently laid off 1,600 employees to change the company's workplace culture. A plan is devised to close multiple stores in order to improve cash flow. With 70,000 associates, the store states that it is the largest retail organization of its kind in the world. In a regulatory filing, it was disclosed that J.C. Penny CEO Jill Soltau received a $4.5 million bonus. Penney's CEO, who joined the company in November after serving as executive vice president and president of Levi Strauss Americas, announced the additions of Sharmeelee Bala . Future discount stores are renamed Treasury and become one-stop shopping centers, from general merchandise to food departments. However, the business move paved the way for other such high-end designers to sell their products at stores of varying price ranges in the future.[25]. These lines provided $1.5 billion in annual sales, but were keeping the company from positioning itself as a true department store. List is made up of a variety of people, including Sam Walton and Allen I. Questrom. [citation needed] By the mid-1980s, all JCPenney stores had discontinued sales of firearms. Stock Symbol NYSE: JCP JCPenney Executive Team & Key Decision Makers Show Me More Executives 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). Generating $260million from the sale as it discontinues its operations with Renner and its Latin American footholds as well.[36][37]. 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. The company proceeds with a new off mall store format for future expansions. Before this point, JCPenney carried rifles and shotguns branded as JCPenney but produced by numerous established firearms manufacturers. But the old problems that have faced Penney and other mall-based . 1982: JCPenney eliminates several departments such as major appliances, paint, hardware, lawn and garden merchandise, and fabrics. While the company responded to a shaky economy and adjusted its retail businesses accordingly, its insurance division far outshined other operations with a pre-tax income surge of 44 percent from 1990's $55 million to $79 million in 1991. [94], On March 15, 2020 when businesses were ordered to temporarily close in many States, the chain closed all of its stores and furloughed its employees. The so-called "mother store", in Kemmerer, opened as the chain's second location in 1904. [20] and its revenues reached $5billion (equivalent to $33.5billion in 2023) for the first time and catalog business made a profit for the first time. The catalogs were distributed by the Milwaukee Catalog distribution center. 2014. [55] That month, the company posted a second-quarter comparable-store loss of 22%, with internet sales dropping 33%. The next year, Hughes became chairman and Batten became president. 1927: Penneys celebrates its 25th anniversary. [49][50] Prices would also not end in 9 or 7 and would instead use whole figures to price items. With this deal, Sephora will remain affiliated with, and under control of, the Simon and Brookfield retail portfolio, therefore superseding and annulling previous agreements for Sephora to leave JCPenney in favor of Kohls. At the same time, Batten became the company's fourth chairman and beauty salons, portrait studios, food facilities, and auto service centers were added to full-line stores. J. C. Penney replaced Aropostale from the S&P MidCap 400 Index. J. C. Penney credit cards were first issued in 1959. Jan 13, 2022. by George Anderson. Also that year, Thrift Drug began co-locating stores with Weis Markets, and acquired many former Pantry Pride properties. With the acquisition of the bank, the company became able to issue its own Mastercard and Visa Inc. cards. [51], In April 2012, nearly 13% home office staff in Dallas were laid off and a call centre in Pittsburgh was closed down. 41 on Fortune 's list of the country's 50 most powerful female executives. [39] That summer, J.C.Penney also added a new brand to its home collection, "Linden Street." In eight states, customers could order from the catalog from inside JCPenney stores; a Milwaukee distribution center supplied the goods. 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. During the next several years, the company's growth was explosive. On January 1, Stanley Shashoua, Simon Property Group's chief investment Officer, will become JCPenney's. For the first time in our nation's history, Executive Order 12898 recognized and sought to address what community members and leaders had been saying for decades: harmful pollution . Whatever happens next is all up in the air. Aside from the two, JCPenney also opened smaller stores under the JCPenney Collections name in a few malls such as Plaza Blok M. All stores of JCPenney Collections in Indonesia started planning to close down due to 1997 Asian financial crisis with the JCPenney Collections store in Taman Anggrek closed in December 1997, and the May 1998 riots with the Lippo Supermal store looted by mass and also exiting the mall that same month (having to close down for a period of time due to damage caused by arson in other sections of the mall). Callahan soon promoted young Penney to his Evanston, Wyoming, store to work with one of his partners, Guy Johnson. [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. The ad won a prize at the Cannes Lions International Advertising Festival. [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. The company also began accepting American Express cards. Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 667 stores across 49 U.S. states and Puerto Rico. In 2005, J. C. Penney's e-commerce storefront exceeded the one billion dollar revenue mark for the first time. of Sears Canada, who is now a professor at Columbia, said. The company adopts the JCPenney moniker in its advertising. Shoppers at regional malls were there to buy clothes and accessories, not washing machines and paint, and JCPenney was poised to take better advantage of these spending habits. [117] The company was paying $2.45million in monthly rent at the time it sold its headquarters offices in Plano, Texas in 2017; the location was permanently vacated in November 2020, and as of August 2021, no new headquarters location has been announced.[118][119]. [71] That same year, the company announced that it was liquidating its The Foundry Big & Tall Supply Co. chain of standalone clothing stores. With the $14 million remodeling of its key store in Atlanta, JCPenney rolled out the prototype of its latest store design. They included a relaunch of Le Tigre, along with Decree, and Fabulosity, a junior line of clothing by Kimora Lee Simmons. JCPenney reenters the major appliance business. Updated. J.C. Penney purchases the Milwaukee-based General Merchandise Company and enters the catalog mail order business. Foundry Supply Co. (discontinued solo stores, brand moved to JCPenney stores), men's Big & Tall apparel, superseded by SJB and Arizona. 1999: Penneys performs below expectations at its department store and catalog businesses. Jake Lahut , Oma Seddiq, and Lauren Frias. J. C. Penney logo,[127] originally used from 1971 to 2011 and again from 2013 to 2019. )[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. JCPenney store, as seen in May 2007, reflects the old Penney's signage. [30] In 1998, JCPenney launched its Internet store.[31]. Tichy, Noel. Doug Pierce, an expert in online search from Blue Fountain Media, described the optimization as "the most ambitious attempt to game Google's search results that he has ever seen". The 5 Big Mistakes That Led to Ron Johnson's Ouster at JC Penney. In 1995, the drug store business was expanded with the acquisition of Kerr Drug and again in 1996 with the purchase of Fay's Drug. JCPenney sells Renner in 2005. J. C. Penney planned to put "mini-Martha Stewart shops" in many of its stores in 2013, as well as create a website with Martha Stewart Living. The company admits that the new sales policies and merchandise misjudgments have led to a disastrous business decision. During its tenure, JCPenney opened two flagship stores: in 1995 on the upper ground level of Lippo Supermal (now Supermal Karawaci), and in 1996 on the upper ground and first level of Mal Taman Anggrek. 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 . 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.