The Board of Directors of J. C. Penney Company, Inc provided further detail regarding the leadership succession plans it announced last week, under which Ron Johnson will become the Company's chief executive officer, succeeding Myron E. (Mike) Ullman, III.
Upon joining the Company as CEO on Nov. 1, 2011, Mr. Johnson will report to the Board of Directors, of which he will become a member on Aug. 1, 2011, and to Mr. Ullman as executive chair of the board. Mr. Johnson will have immediate responsibility for the Company's core merchandising and marketing functions and will have full responsibility for all other business areas by the end of a three-month transition period. The Board said that Mr. Ullman will remain in the position of executive chairman until Feb. 1, 2012, the beginning of the Company's 2012 fiscal year, at which time he will step down from the Company and its Board of Directors.
Thomas J. Engibous, lead director of J. C. Penney Company's Board, said, "We are delighted that Ron is joining the Company. Ron and Mike both believe it would help the transition to have a short period during which they will work together to lead the Company. We greatly appreciate that Mike, who has been an outstanding leader at J. C. Penney, has agreed to remain as Executive Chairman through the end of this fiscal year to ensure a smooth transition of responsibilities."
Mr. Johnson said, "I look forward to becoming the CEO of J. C. Penney and working side by side with Mike during the first three months of my tenure. I am excited to work with Mike, the Board and the entire J. C. Penney team as we lay the foundation to transform the way America shops. I cannot wait to get started."
Mr. Ullman said, "I look forward to working with Ron and assisting him in making a rapid and successful transition, and then to step aside, as has been my practice in previous CEO positions. Leadership succession planning was a key priority of mine and of our Board of Directors, and I am delighted we have accomplished it in such a positive way for J. C. Penney. We are confident that the Company will reach its next stage of growth and success under Ron's leadership."
J. C. Penney Company, Inc
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