J. C. Penney Company, Inc. (NYSE: JCP) 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 today.
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.
Under the leadership of its senior merchandising team in recent years, the company has launched a variety of sought-after private and exclusive brands across merchandise categories, which include a.n.a®, Bisou Bisou®, nicole® by Nicole Miller, Allen B®, Decree®, Linden Street®, Cindy Crawford Style™, JOE Joseph Abboud® and many more, including upcoming launches such as Olsenboye. The company also introduced Sephora inside JCPenney and American Living by Polo Ralph Lauren's Global Brand Concepts. Additionally, JCPenney recently announced that it will be the exclusive department store apparel brand retailer for the Liz Claiborne brand, a top women's apparel brand that will be expanded across approximately 30 merchandise categories, and the exclusive department store retailer in the U.S. for MNG by Mango, one of the world's leading international "fast fashion" retailers. The company continues to develop and introduce new and innovative brands and shopping concepts designed to keep newness and excitement for its customers.
Bios:
Mike Ullman, 63, joined JCPenney as chairman and CEO in 2004. Prior to that, he served as directeur general, group managing director of LVMH Möet Hennessy Louis Vuitton in Paris from 1999 to 2002. He previously served as group chairman and CEO of DFS Group Limited (1995-1999) and as chairman and CEO of R.H. Macy & Co., Inc. (1992-1995). He is chairman of the National Retail Federation, lead director of Starbucks Coffee Company and a member of the Board of the Dallas Federal Reserve Bank.
Jeffrey Allison, 47, joined JCPenney in 2000 and before becoming executive vice president and general merchandise manager of the home and custom decorating businesses, he previously held the role of executive vice president and director of planning and allocation. Prior to JCPenney, he was vice president of finance at Express, Inc., a division of The Limited, Inc., which he joined in 1990.
Steve Lawrence, 42, assumed his current role as executive vice president and general merchandise manager of men's in April 2008, after serving as senior vice president and general merchandise manager of the children's division and previously as divisional merchandise manager for young men's sportswear. Steve joined JCPenney in 2000 from Foley's where he spent more than 10 years in the men's division.
Elizabeth Sweney, 55, joined JCPenney in 2000 as executive vice president and general merchandise manager of women's apparel, the largest division in the company. She previously held several senior-level positions at Kellwood Co., which she joined after 17 years with Montgomery Ward & Co.
About JCPenney
JCPenney is one of America's leading retailers, operating 1,109 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation's largest general merchandise catalog business. Through these integrated channels, JCPenney offers a wide array of national, private and exclusive brands which reflect the company's commitment to providing customers with style and quality at a smart price. Traded as "JCP" on the New York Stock Exchange, the company posted revenue of $18.5 billion in 2008 and is executing its strategic plan to be the growth leader in the retail industry. Key to this strategy is JCPenney's "Every Day Matters" brand positioning, intended to generate deeper, more emotionally driven relationships with customers by fully engaging the company's approximately 150,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect JCPenney's current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause JCPenney'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 spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, trade restrictions, changes in tariff, freight, paper and postal rates, changes in the cost of fuel and other energy and transportation costs, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, risks associated with war, an act of terrorism or pandemic, and a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or JCPenney information. Please refer to JCPenney's most recent Form 10-K and subsequent filings for a further discussion of risks and uncertainties. Investors should take such risks into account when making investment decisions. JCPenney does not undertake to update these forward-looking statements as of any future date.
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