New chairman named at JCPenney

PLANO, Texas — JCPenney announced that Thomas Engibous will become chairman of its board of directors on Jan. 28. Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. He will assume the chairman's role from Myron Ullman, III, JCPenney's former chief executive officer, who will step down as executive chairman.

Ron Johnson, chief executive officer of JCPenney, said, "Tom is deeply committed to the success of the company, shares our vision for the future and has been invaluable to me in my early days leading JCP. His guidance will continue to be of great help as we build JCpenney into America's favorite store."

Engibous said, "Important work is underway at JCPenney to transform the company by delivering a new level of innovation, creativity and excitement to customers. I look forward to working closely with Ron, management and the Board to help ensure the success of the company's plans and drive shareholder value."

Engibous is the retired chairman of Texas Instruments Incorporated (TI), one of the world's leading electronics companies. He served as its president and CEO from 1996 through 2004, having joined TI in 1976. In addition to JCPenney, Engibous is a director of Taiwan Semiconductor Manufacturing Company Limited.