J.C. Penney Searching for New Chief Merchant
September 22 2015 - 11:50PM
Dow Jones News
J.C. Penney Co. is looking for a new chief merchant, people
familiar with the situation said.
The executive would succeed Elizabeth H. Sweney, who has held
the retailer's top merchandising job since early 2012.
It isn't clear whether the retailer has picked a successor yet,
nor whether the newcomer would come from outside Penney. But the
company expects an announcement early Wednesday morning that "does
relate to the chief merchant role," one person familiar with the
matter said. This person declined further comment.
Ms. Sweney, 61 years old, was unavailable for comment on
Tuesday.
Marvin Ellison, who took the helm of Penney on Aug. 1, has been
recruiting a new merchant and approached some retail-industry
veterans, another person familiar with the matter said earlier this
week. Mr. Ellison wants someone with extensive merchandising
experience, partly because he lacks that, this person added.
Finding a new chief merchant is at the top of Mr. Ellison's
mind, a third person familiar with the matter said.
Penney would be the latest in a series of retailers to change
chief merchants or redefine the role, as technology changes the
industry. The chief merchant is often the No. 2 executive in the
chain of command and tasked with picking the right items to fill
stores.
Mr. Ellison inherited Penney's top job from Mike Ullman, who was
brought back from retirement after the department store chain
struggled with slumping sales and deep losses. Mr. Ellison joined
Penney in November but spent several months transitioning into the
corner office. He previously had been an executive at Home Depot
Inc. and Target Corp., where he was known for his strong
operational skills.
Write to Joann S. Lublin at joann.lublin@wsj.com
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(END) Dow Jones Newswires
September 22, 2015 23:35 ET (03:35 GMT)
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