list of past jcpenney ceos

2004: The company sells its Eckerd Drug division and retires $1.7 billion in long-term debt. . Fox News . - After sales fell 25%, Johnson conceded that his plan to abandon coupons and sales events was a mistake. [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. As consumers, we often take for granted all the hard work that goes into building a great company. In February 2008, the company launched the "American Living" brand, as developed by Ralph Lauren, across several product lines. [70], In January 2015, it was announced that J. C. Penney would close 39 under-performing stores nationwide and lay off 2,250 employees. It was entered in the competition by Epoch Films, who declined to comment. Hale. Foundry Supply Co. (discontinued solo stores, brand moved to JCPenney stores), men's Big & Tall apparel, superseded by SJB and Arizona. This post was updated on May 17, 2020 in order to reflect correct information posted within the 1962-1963 headings. The next year, it mailed its first JCPenney catalog. - Introduced successful Sephora cosmetics shop-within-shop concept. J. C. Penney finished the quarter with just $181million in cash, down from $363million a year ago. Our Standards: The Thomson Reuters Trust Principles. [51], In April 2012, nearly 13% home office staff in Dallas were laid off and a call centre in Pittsburgh was closed down. The stores, located in the Lombardy region, are sold in 1977. This store was located at Black Horse Pike Center in Audubon, New Jersey. 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, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. It is unclear whether she was fired or resigned. [35] In 2004, the company added 14 more stores and exited the drug store division after 35 years, with the sale of its Eckerd division. Auto Centers JCPenney had Auto Centers during the 70s and 80s. 1963: On August 15, Penneys opens its first full-line department store, located at the King of Prussia Plaza in suburban Philadelphia. The company discontinues its major appliances department after only 3 years. Those stores expanded the lines of merchandise and services that an average J. C. Penney carried to include appliances, sporting goods, tools, garden\lawn merchandise, restaurants, beauty salons, portrait studios, auto parts, and auto centers. Jake Lahut , Oma Seddiq, and Lauren Frias. Walter Neppl became president in 1976 (Siebert was still chairman), and the company launched its women's fashion program in five markets, designed to help the company compete against specialty stores cropping up in malls. JCPenney avoided bankruptcy after the company paid down paid $17 million in debt on Friday after missing two previous payments.JCPenney has an estimate $3.6 billion in debt. 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. 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. [55] That month, the company posted a second-quarter comparable-store loss of 22%, with internet sales dropping 33%. It abandons its cash-only trading policy and establishes a credit operation. 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. In 1913, all stores were consolidated under the J. C. Penney banner. J. C. Penney acquired The Crescent Corset Company in 1920, the company's first wholly owned subsidiary. The company has had four different CEOs in the past 10 years. With the $14 million remodeling of its key store in Atlanta, JCPenney rolled out the prototype of its latest store design. The Golden Rule Store expands to 3 stores with annual sales of $166,313. Privacy Policy. J.C. Penney Company, Inc. views 3,475,015 updated May 21 2018 J.C. Penney Company, Inc. 6501 Legacy Drive Piano, Texas 75024-3698 U.S.A. Telephone: (972) 431-1000 Toll Free: (800) 953-9421 Fax: (972) 431-1362 Web sites: http://www.jcpenney.net ; http://www.jcpenney.com Public Company Incorporated: 1913 Employees: 267,000 Treasury drug stores A chain of stand alone drug stores that were also branded with the Treasury nameplate. New to his team is Sharmeelee . Allen Questron served as Chairman and CEO of Federated Department Stores from 1990 to 1997. [97] After 91 years, it was delisted from the New York Stock Exchange on May 18, 2020, and became listed in OTC Pink. "Penney . [78] By closing stores and distribution facilities, J. C. Penney would redirect resources to help expand its store-in-store Sephora boutiques, and add Nike and Adidas boutiques, similar to what Macy's has done with Finish Line, Lids and LensCrafters. The Penney store at Plaza Las Amricas mall in San Juan, Puerto Rico, which opened in 1968, featured three levels and 261,500 square feet (24,290m2). Penney enters the appliance business with its Penncrest brand, manufactured by GE Hotpoint. 1974: In addition to shopping mall expansions, JCPenney establishes a plan to build smaller retail stores in less urban areas. The Penney Building in Anchorage partially collapsed and was damaged beyond repair in the 1964 Alaska earthquake. During the next several years, the company's growth was explosive. The next year, 1994, JCPenney was still riding the crest of its Arizona wave and introduced Little Arizona denimwear for toddlers. Sales topped $3 billion in 1968; in 1969 the company added an Atlanta, Georgia, catalog distribution center and purchased Thrift Drug Company. Earnings rebounded as a result, rising from $4.11 per share in 1987 to $5.92 in 1988 from total sales of $14.8 billion. [38] J.C.Penney also re-introduced cosmetics with the opening of Sephora "stores-within-a-store" inside some J.C.Penney locations. [90] On March 26, J. C. Penney announced the hiring of Bill Wofford as chief financial officer. The ad won a prize at the Cannes Lions International Advertising Festival. 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. [63][64], During the spring of 2013, a kettle sold by the company attracted controversy when many users of social media pointed out its resemblance to Adolf Hitler, with the kettle being dubbed the Hitler teapot. Will your store shutter? 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 1962, J. C. Penney entered discount merchandising with the acquisition of General Merchandise Company which gave them The Treasury stores. Mike Ullman, the retailer's former CEO, was announced as his replacement shortly afterwards. Tucker Carlson. A sixth catalog distribution center was also opened in 1982, in Manchester, Connecticut. The company reports an accumulated $3.7 deft load on February 1. ", "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? Penncraft Tools A short-lived line of tools intended to compete with, This page was last edited on 19 April 2023, at 03:36. In 1979, JCPenney stores started accepting Visa cards. With the announcement, JCPenney's shares rose 9%. 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 store, along with the entire mall, closed by the end of 2007. Atlanta was only the beginning. 1971: Founder James Cash Penney passes away at age 95. 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. 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. The company joins with Goodyear and plans auto centers to be located next to future stores. 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. Further, James E. Oesterreicher was named president and Gill retired after 39 years with the company. [16][17] The company rebuilt the store as a shorter building on a larger footprint and followed up by building Anchorage's first public parking garage, which opened in 1968. In 2005, J. C. Penney's e-commerce storefront exceeded the one billion dollar revenue mark for the first time. 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. By the end of 1986, there were 1,482 JCPenney stores dotting the country, about to undergo a major change. his first store (left) with the new Hammond, Indiana, store. 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. WGN Web Desk, and Associated Press. - Stopped selling major appliances, including refrigerators and washing machines, and started revamping store layouts to focus on apparel as part of a turnaround attempt that she has emphasized will take time. During World War II, the company sold a record number of war bonds through its stores. With the acquisition of the bank, the company became able to issue its own Mastercard and Visa Inc. cards. Tuttle, Brad. Treasury Drug stores became Eckerd which JCPenney also owned. 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. Just a few months into serving as interim CEO of J.C. Penney, Stanley Shashoua said he sees signs of growth in the business. In 1909, Penney moved his company headquarters to Salt Lake City, Utah to be closer to banks and railroads. Listen to this article 2 min. JCPenney furniture outlet JCPenney outlet stores that only sold furniture & rugs. The company has had four different CEOs in the past 10 years. With these officers in place, the company launched a massive reorganization to transform the company from a mass merchant into a national department store. Other brands for juniors and young men's were launched that summer. [27][28] Then in November 1996 they acquired the Eckerd chain. 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. [53] In July 2012, the company announced that it was laying off 350 more workers at its headquarters. In 1990 Miller retired and vice chairman Gill took on the former's responsibilities as COO of JCPenney stores and catalog service. 1988: JCPenney relocates its New York corporate headquarters, located at Avenue of the Americas and 52th Street, to Plano, Texas. The company also began accepting American Express cards. In 1956, J. C. Penney started national advertising with a series of advertisements in Life magazine. - Company hired advisers to explore debt restructuring options. As Penney's personal wealth increased, so did his charity. [34] In 2003, the company opened three stores in strip centers in Texas, Minnesota and Indiana. We see them around but we don't know what goes on behind the scenes. Photo: Metaweb (FB) Ken Skistimas Age: 47 Michael T Theilmann Penney's first job was clerking in a general store for a salary of $2.27 per month. [114] On July 31, 2020, it was announced that 21 stores, including the "Mother Store" in Kemmerer, Wyoming, would be auctioned off as part of the proceedings. Key Points. [111][112][113] On July 8, J. C. Penney submitted their bankruptcy exit plan to existing lenders, and also requested more time for negotiations. In 1962 JCPenney got into the mail-order business for the first time by buying General Merchandise Company, a Wisconsin firm with a discount store operation as well. In August, Albert Gonzalez's defense lawyer announced JCPenney was a victim of a computer hacker, although the company stated that no customers' credit card information had been stolen. [30] In 1998, JCPenney launched its Internet store.[31]. In 1914, Penney relocates the headquarters to New York City in order to be closer to the countrys main garment district. [43], On February 12, 2011, The New York Times exposed the company's use of link schemes"spamdexing"to increase the J. C. Penney website's ranking in Google search results, especially during the holiday season. Another proprietary brand, the Original Arizona Jean Company (begun in 1990), soared in earnings to $400 million from the previous year's $90 million. JCPenney sells Renner in 2005. Also that year, Thrift Drug began co-locating stores with Weis Markets, and acquired many former Pantry Pride properties. JCPenney has named Katie Mullen as the retailer's new chief customer officer. This year also found Oesterreicher promoted to vice chairman and CEO, W. Barger Tygart named president, and Howell in his 11th year as chairman. In 1907 Callahan and Johnson dissolved their partnership, and Penney bought them out, taking over three stores. - Eliminated Penneys catalog. Kramer consequently laid off 1,600 employees to change the company's workplace culture. Penneys discontinues the line in 1988. 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? 1952: Penneys passes the $1 billion mark in annual sales. 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. Materials and merchandise were scarce, yet the company increased its sales to $500 million in 1945. In 1996 the company moved in several directions to regain the footing lost in 1995: allocated $2.1 billion in capital expenditures over the next three years to open 100 new domestic stores and refurbish 500; expanded its international presence through varied licensing agreements; and announced plans to acquire the Eckerd drugstore chain for a combination of cash ($1.3 billion) and stock. JCPenney employs 267,000 associates. The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter. The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney didn't want to accept mining company scrip or credit. The company has been an Internet retailer since 1998, and it has streamlined its catalog and distribution while undergoing renovation improvements at store level. In the 1980s JCPenney's also stopped selling outdoor equipment and hardware such as lawn mowers and tools. Most JCPenney stores were initially located in downtown areas, but, as shopping malls grew in popularity during the 1960s, the chain began relocating and developing stores to anchor the malls. 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. 2020: JCPenney stock falls below $1 a share, putting it at risk of being delisted from the New York Stock Exchange. 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]. The company purchases a controlling interest in Renner S.A., Brazils largest fashion retailer. Construction on the new company headquarters in Plano, Texas broke ground in 1990 and were completed in 1992. Shashoua, who also serves as chief investment officer of . The company admits that the new sales policies and merchandise misjudgments have led to a disastrous business decision. A business should not have to be judged by its bankruptcy, especially when that business is JCPenney. On June 22, J. C. Penney identified an additional 13 stores that would be permanently closed. [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. Johnson came in guns blazing as CEO of J.C. Penney in November 2011. [100] On July 7, 2020, J. C. Penney announced that they would close two stores in New York City; one at the Manhattan Mall, which was closed immediately and the Kings Plaza store in Brooklyn, which closed on Sunday, September 27, 2020. With 846 stores and 85,000 employees, the department store plans hundreds of permanent store closures as a means to reduce debt and avoid liquidation. [19] That year, the company adopted the JCPenney style in advertising. The space that became available was then used for women's apparel. For medical reasons he moved to Colorado in 1897 and was soon hired by local dry-goods . [citation needed] By the mid-1980s, all JCPenney stores had discontinued sales of firearms. [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. Here are 7 other high-profile departures in recent years. The line, named Halston III, would not last long, as it would be poorly received and discontinued after about a year. Thrift Drug, long dormant since JCPenney purchased it, scored some big points in 1984, when several major industrial companies became mail-order pharmacy customers. By then, sales had grown to $10.8 billion, the women's fashion program was introduced in new markets, and a home furnishings line was added. [11], In May 2022, the company announced that it was returning to its Plano headquarters.[1]. Less than a month after JCPenney exited Chapter 11, CEO Jill Soltau has left the department store retailer. 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. [84] The company ranked 235 on the Fortune 500 list of the largest United States corporations by revenue. Source: International Directory of Company Histories, Vol. Dylan Hollingsworth/Bloomberg/Getty Images. [92] Also on May 21, J. C. Penney announced a net sales decline of 5.6% and a net loss of $154million for its fiscal first quarter of 2019, which ended on May 5. Everyone, by now, from consumers to analysts, took note of JCPenney's extraordinary turnaround. The company struggled through the 1970s, as upstart companies like Wal-Mart began selling goods at discount prices and long-time rivals like Sears gave JCPenney tough competition in the hardware and appliance departments. The company discontinues its Treasury discount store brand. 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. The company sells the Sarma-Penney firm in 1987. Wofford came to the company from The Vitamin Shoppe, where he had served as CFO since June 2018. Well-known J.C. Penney staff along with current and former J.C. Penney employees were and still are crucial to the company's success, as without these hard working men and women J.C. Penney would never be what it is today. After graduating from high school, Penney worked for a local retailer. List is made up of a variety of people, including Sam Walton and Allen I. Questrom. In October, it was announced that the company would be tapping former Home Depot executive Marvin Ellison to take on the role of CEO starting in November. SAN BRUNO, CALIFORNIA - MAY 15: The parking lot in, front of a JCPenney store at The Shops at Tanforan Mall on May 15, 2020 in San Bruno, California. JCPenney CEO Vanessa Castagna ranked No. Web. Merchandise buyers from the home office could show store managers, salespeople, and local buyers what merchandise was available, and the local employees could help select what goods would likely sell in their stores. He called it "The Golden Rule" to symbolize his belief that the Golden Rule should apply to business life as well as to personal life. Opinions expressed by Forbes Contributors are their own. New York CNN Business . [95][96] Days earlier, it was reported in a regulatory filing that J. C. Penney would give bonuses totaling nearly $10million to the company's senior managers, which included $4.5million to CEO Jill Soltau.

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