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Report: HSN’s Mindy Grossman declined J.C. Penney CEO offer

Mindy Grossman, the chief executive of HSN Inc., reportedly declined an offer to become CEO of J.C. Penney Company in May.

Plano, Texas – Mindy Grossman, the chief executive of HSN Inc., reportedly declined an offer to become CEO of J.C. Penney Company in May 2014. According to the Wall Street Journal, Grossman had been in advanced negotiations with Penney to take the reins as CEO but discussions ended for an unspecified reason.

Grossman, a fomer Nike Inc. executive, took the reins of HSN in 2006. Under her watch, HSN has undertaken a host of leading-edge digital initiatives and also taken on more of a upscale image. Industry experts noted that while Grossman is widely admired throughout the retail industry, she has never run brick-and-mortar stores, which remain crucial to Penney’s business.

Penney has been searching for about a year for a permanent replacement for interim CEO Myron “Mike” Ullman, its former chief executive who temporarily returned to the company after CEO Ron Johnson was removed following a disastrous 17-month stint in April 2013. Activist investor William Ackman, who has since sold his stake in Penney, pressured the company at the time to immediately start searching for a permanent CEO and make a hire as soon as possible.

Penney is currently evaluating other finalists for the CEO role, but no appointment is imminent, Reuters said.

Penney is not the only big retailer on the hunt for a chief executive. To see the others, click here.

 

© 2014