JCPenney Announces Executive Leadership Changes

PLANO, Texas – (Jan. 14, 2019) – J. C. Penney Company, Inc. (NYSE: JCP) today announced a series of leadership actions taking place over the next few months that will assemble a cross-functional executive team that merges the talents and perspectives of new and existing industry leaders to focus on the needs of the value-based consumer and position the Company for growth.

Beginning Jan. 21, Mike Robbins, executive vice president of private brands and supply chain, will be appointed to executive vice president, chief stores and supply chain officer. In his new customer-focused role, Robbins will be responsible for all stores, supply chain and sourcing operations. With a broad focus on the customer experience and ensuring timely and innovative product delivery, Robbins will continue to oversee product design and development until a new chief merchant has been identified.

Additionally, Truett Horne, currently an associate principal at McKinsey & Company, will join the Company as chief transformation officer, reporting to JCPenney CEO Jill Soltau. A proven leader with a track record of developing strategy through innovation and data to drive organizational growth, Horne will have primary responsibility for the development and implementation of the Company’s strategic and transformational initiatives.

“These executive changes reflect the strength and depth of each leader’s responsibilities, and their enormous potential to drive change aligned with our customer’s needs and expectations,” said Soltau. “By appointing and recruiting the right leaders who have the expertise and fortitude to accelerate a turnaround strategy, our senior executive team will play an instrumental role in energizing teams, connecting with our customers and positioning JCPenney for profitable growth.”

The Company has also announced that it is seeking to fill key senior management positions and address current business needs as it undergoes a leadership transition within the following areas:

• A Chief Merchant search is well underway to lead the Company’s merchandising initiatives across all merchandise categories. The ideal candidate will be responsible for driving revenue and profit through authoritative assortments as well as leading the strategic positioning, development and design of its private brand portfolio.

• A Chief Customer Officer is being sought to drive aggressive customer-centric strategies to grow traffic, engagement and retention of its customer.  The role will revitalize the Company’s brand, lead marketing initiatives across all channels, shape the company’s messaging and deliver an outstanding digital experience and increased customer loyalty.

• A Senior Vice President of Planning and Allocation search is underway to lead the Company’s process for setting and maintaining future performance goals for sales, inventory and merchandise replenishment, while simultaneously anticipating sales trends and shopper demand for sought-after merchandise.

• A Principal Accounting Officer will be hired to oversee the Company’s accounting functions, as well as serve as the lead controller. Andrew Drexler, senior vice president, chief accounting officer and controller, will leave the Company effective March 31. 

• The search for a Chief Financial Officer is well underway and has surfaced many compelling candidates.  The organization will make an announcement when an executive has been named.

To download a copy of this news release, and access company information, bios and photos, please visit:
https://www.jcpnewsroom.com/news-releases/2019/0114_executive_leadership_changes.html

JCPenney Corporate Communications & Public Relations:
(972) 431-3400 or [email protected]
Follow @jcpnews on Twitter for the latest announcements and Company information.

About JCPenney:
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation’s largest apparel and home retailers, combines an expansive footprint of over 860 stores across the United States and Puerto Rico with a powerful e-commerce site, jcp.com, to deliver style and value for all hard-working American families. At every touchpoint, customers will discover stylish merchandise at incredible value from an extensive portfolio of private, exclusive and national brands. Reinforcing this shopping experience is the customer service and warrior spirit of approximately 98,000 associates across the globe, all driving toward the Company’s mission to help customers find what they love for less time, money and effort. For additional information, please visit jcp.com.

Forward-Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “expect” and similar expressions identify forward-looking statements, which include, but are not limited to, statements regarding sales, cost of goods sold, selling, general and administrative expenses, earnings and cash flows.  Forward-looking statements are based only on the Company’s current assumptions and views of future events and financial performance. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company’s control that may cause the Company’s actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, general economic conditions, including inflation, recession, unemployment levels, consumer confidence and spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, more stringent or costly payment terms and/or the decision by a significant number of vendors not to sell us merchandise on a timely basis or at all, trade restrictions, the ability to monetize assets on acceptable terms, the ability to implement our strategic plan including our omnichannel initiatives, customer acceptance of our strategies, our ability to attract, motivate and retain key executives and other associates, the impact of cost reduction initiatives, our ability to generate or maintain liquidity, implementation of new systems and platforms, changes in tariff, freight and shipping rates, changes in the cost of fuel and other energy and transportation costs, disruptions and congestion at ports through which we import goods, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, the impact of weather conditions, risks associated with war, an act of terrorism or pandemic, the ability of the federal government to fund and conduct its operations, a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information, legal and regulatory proceedings and the Company’s ability to access the debt or equity markets on favorable terms or at all.  There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. Please refer to the Company’s most recent Form 10-Q for a further discussion of risks and uncertainties. Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions.  Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made.  We do not undertake to update these forward-looking statements as of any future date.

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