J.C. Penney has named Jill Soltau, who most recently served as president and CEO of fabric and crafts chain Jo-Ann Stores, to be its next CEO, effective Oct. 15.
Soltau, a 30-year retail veteran, succeeds Marvin Ellison, who resigned this past summer to take the top job at home improvement chain Lowe’s after less than four years at the helm.
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Ellison’s departure raised speculation that he wasn’t particularly optimistic about Penney’s prospects. The department store chain, which is based in Plano, Texas, is still struggling despite a stronger economy that has lifted sales at its peers like Macy’s and Kohl’s.
Penny’s stock rose 10 percent in after-hours trading.
