J.C. Penney Ousts Its CEO Weeks After Bankruptcy Sale

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Just weeks after Simon Property Group (NYSE: SPG) and Brookfield Asset Management (NYSE: BAM) took possession of J.C. Penney’s assets in bankruptcy court, the mall operators announced the department store chain would be looking for a new CEO.

Jill Soltau, who took over the position about two years ago after Marvin Ellison jumped ship for the CEO job at Lowe’s (NYSE: LOW), is leaving the company effective today. 

While the retailer’s new owners didn’t provide a reason for Soltau’s departure, the company did say it wanted to find a new leader who would be “focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney.”

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