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JCP promotes three executives to senior merchandising team
10
Dec '09
J. C. Penney Company, Inc. is promoting three highly experienced executives, giving them expanded duties in a new senior merchandising leadership structure, Myron E. (Mike) Ullman, III, chairman and chief executive officer, announced.

The newly organized senior merchandising team will be led by Jeffrey J. Allison, Steven Lawrence and Elizabeth H. Sweney, each of whom will now have the title executive vice president and senior general merchandise manager. All three joined the Company after extensive experience at other large retailers, and since have risen quickly to greater levels of responsibility and success.

Under the new structure, Jeffrey Allison will lead Home, Custom Decorating and now Fine Jewelry. Steven Lawrence will now oversee Children's in addition to the Men's division. Elizabeth Sweney will lead Shoes and Women's Accessories in addition to Women's apparel.

These changes take advantage of the depth of talent within the Company, and position JCPenney to move forward in its path of growth and development under Mr. Ullman, who will continue to lead all executive areas of JCPenney, driving the Company's growth strategies for the long term. Consistent with this plan for the coming years, the Board of Directors has decided to discontinue its search for a President.

JCPenney Presiding Board Director Thomas J. Engibous said, “We are fortunate to have the best chief executive in the retail industry in Mike Ullman, who is working extremely well with a team of high quality and talented managers across all functions of the company. JCPenney is on the right path with bold goals and innovative strategies that bode well for a promising future. We look forward to seeing Mike and his team continue to execute on their goals in the years ahead.”

Mr. Ullman said, “JCPenney's senior merchandising team is made up of highly skilled, seasoned executives with a clear understanding of what our customers want and how best to respond to that demand with merchandise that reflects exciting style and the combination of quality and affordable pricing that is our hallmark. It is enormously gratifying to see the progress they are making to ensure JCPenney's long-term success. We have a terrific pipeline of talented people and I am delighted to continue to lead this world class team in the coming years.”

When he joined the company in late 2004, Mike Ullman and the executive leadership team designed a Long-Range Plan for the growth of JCPenney to position it for leadership in the retail sector and they have made enormous progress in delivering on its goals. As part of this, they developed a Bridge Plan to enable the company to best withstand the difficult economic environment that has persisted in recent years. As a result, in spite of the difficult climate, the company has been able to further strengthen its industry-leading financial position, generate substantial merchandise flow, and continue in its successful efforts to “step up” the style that JCPenney offers.


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