JCPENNEY APPOINTS MARVIN R. ELLISON TO SUCCEED MYRON E. (MIKE) ULLMAN, III AS CHAIRMAN
July 21 2016 - 4:15PM
PLANO, Texas -
(July 21, 2016) - The Board of Directors of J. C. Penney
Company, Inc. (NYSE: JCP) has appointed Chief Executive Officer
Marvin R. Ellison to the additional position of Chairman, effective
August 1, 2016. Mr. Ellison succeeds Myron E. (Mike) Ullman, III
who will be retiring in accordance with the transition plan that
the Company outlined in 2014.
Mr. Ullman said, "I am delighted
that the board has appointed Marvin as Chairman. Over the past year
and a half, he has proven himself to be the right leader for our
Company, as we have made significant progress in implementing the
changes needed to rebuild JCPenney into a successful, modern
retailer with a profitable and sustainable business. It's been a
privilege to work closely with Marvin, and I am pleased to know
that this Company is in good hands for the future."
Mr. Ellison said, "It is an honor
to succeed Mike as the next Chairman of JCPenney. Mike has
demonstrated great leadership, twice as CEO, and for the past year
as our Executive Chairman. For someone who started his retail
career as a $4.35 per hour store security officer, it is a blessing
and an honor to be named Chairman of JCPenney. I look forward to
continuing to work with our talented board and management team as
we continue to take the steps necessary to drive the resurgence of
JCPenney."
Longtime retail executive Ronald
W. Tysoe, who has served on the board since 2013, will continue as
the Company's Lead Independent Director.
About Marvin R.
Ellison
Marvin R. Ellison, 51, has been Chief Executive Officer of J. C.
Penney Company, Inc. since August 1, 2015. Mr. Ellison served as
President and CEO-Designee of J. C. Penney from November 1, 2014
through July 2015. From August 2008 through October 2014, he served
as Executive Vice President - U.S. Stores of The Home Depot, Inc.,
a home improvement specialty retailer. From June 2002 to August
2008, he served in a variety of operational roles at The Home
Depot, including as President - Northern Division and as Senior
Vice President - Global Logistics. Prior to joining The Home Depot,
Mr. Ellison spent 15 years at Target Corporation in a variety of
assets protection and operational roles.
Mr. Ellison serves on the board of
directors of FedEx. He is actively involved in philanthropic
efforts including mentoring programs aimed at developing inner-city
youth. He earned a business administration degree in marketing from
the University of Memphis and a Master of Business Administration
from Emory University.
Media
Relations:
(972) 431-3400 or jcpnews@jcp.com
Investor
Relations:
(972) 431-5500 or jcpinvestorrelations@jcpenney.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation's largest
apparel and home furnishings retailers, is on a mission to ensure
every shopping experience is worth the customer's time, money and
effort. Whether shopping jcp.com or visiting one of over 1,000
store locations across the United States and Puerto Rico, customers
will discover a broad assortment of products from a leading
portfolio of private, exclusive and national brands.
Supporting this value proposition is the warrior spirit of
over 100,000 JCPenney associates worldwide, who are focused on the
Company's three strategic priorities of strengthening private
brands, becoming a world-class omnichannel retailer and increasing
revenue per customer. For additional information, please visit
jcp.com.
Forward-Looking
Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based only on the Company's
current assumptions and views of future events and financial
performance. They are subject to known and unknown risks and
uncertainties, many of which are outside of the Company's control
that may cause the Company'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 confidence and spending patterns, credit availability and
debt levels, changes in store traffic trends, the cost of goods,
more stringent or costly payment terms and/or the decision by a
significant number of vendors not to sell us merchandise on a
timely basis or at all, trade restrictions, the ability to monetize
non-core assets on acceptable terms, the ability to implement our
strategic plan including our omnichannel initiatives, customer
acceptance of our strategies, our ability to attract, motivate and
retain key executives and other associates, the impact of cost
reduction initiatives, our ability to generate or maintain
liquidity, implementation of new systems and platforms including
EMV chip technology, changes in tariff, freight and shipping rates,
changes in the cost of fuel and other energy and transportation
costs, disruptions and congestion at ports through which we import
goods, increases in wage and benefit costs, competition and retail
industry consolidations, interest rate fluctuations, dollar and
other currency valuations, the impact of weather conditions, risks
associated with war, an act of terrorism or pandemic, the ability
of the federal government to fund and conduct its operations, a
systems failure and/or security breach that results in the theft,
transfer or unauthorized disclosure of customer, employee or
Company information, legal and regulatory proceedings and the
Company's ability to access the debt or equity markets on favorable
terms or at all. There can be no assurances that the Company
will achieve expected results, and actual results may be materially
less than expectations. Please refer to the Company's most
recent Form 10-K for a further discussion of risks and
uncertainties. Investors should take such risks into account and
should not rely on forward-looking statements when making
investment decisions. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks only as of the date on which it is made. We
do not undertake to update these forward-looking statements as of
any future date.
###
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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