When Jill Soltau took the helm at JCPenney, what the retailer needed was a winning turnaround strategy and time to implement it. According to Soltau, the winning strategy was there. But time was not on her side.
The department store retailer had been struggling for years; 2010 was the last year that JCPenney recorded an annual profit. Crippled by debt and a terrible credit rating, the retailer was unable to cope with the challenges of 2020. When the coronavirus arrived in the United States, JCPenney's fall was swift and complete. It filed for bankruptcy in May.
Now JCPenney has emerged from bankruptcy, and its new owners are bidding farewell to the department store retailer's CEO of two years. They have named an interim CEO (JCPenney's fourth in six years) to lead the retailer until a new chief executive is selected.
JCPenney's new owners said they would search for a new CEO who is "focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney."