It’s about time: JCPenney finally has a CEO
Turning around JCPenney… will be no easy task; but who better to do it than Jill Soltau, the company’s new CEO! Actually, it is now her job to do it; but don’t feel bad because she will be making $1.4 million per year with a $6 million signing bonus. And Wall Street is backing the new CEO – shares of JCPenney were up 10% upon the news.
But there is work to do… because JCPenney is down 50% this year and has been trading as low as $1.50 per share. The former CEO, Jeffrey Davis, resigned just 14 months after accepting the position. The company is $4 billion in debt and has posted a profit only twice over the last four years.
Decisions, decisions, decisions… such as what to do with all of the out-of-style clothing stocked up in warehouses and what to do with the company’s 860 stores. However, Soltau has the merchandising experience and can hopefully turn things around; but she certainly has her work cut out for her…