J.C. Penney’s new owners have started transforming the company.
As previously reported, Jill Soltau stepped down as CEO on Dec. 31 and owners Simon Property Group and Brookfield Asset Management and strategic partner Authentic Brands Group have started the search for a new chief executive. A temporary office of the CEO has been formed that includes key members of Penney’s current leadership team, with Stanley Shashoua, Simon Property Group’s chief investment officer, serving as interim CEO.
Some key members of the senior management team of the old Penney’s are on board with the new governance structure, reported WWD, including Bill Wafford, executive VP and CFO, and Steve Whaley, controller and principal accounting officer.
Under its new owners, Penney’s, called Penney OpCo LLC, is a private company and includes Penney’s retail operations. The old Penney’s, now called Old Copper Company, will continue to own the real estate assets until the plan of reorganization becomes effective, at which time lenders will take over real estate assets in a renamed company called PropCo, according to the WWD report. Alan Carr, chief restructuring officer and vice president, and Steven Panagos, secretary, have been named to the board of Old Copper Co., to help handle matters through the ongoing reorganization process.