The new J.C. Penney, under the ownership of the Simon Property Group and Brookfield Asset Management, has set up its “go-forward” governance structure that includes key members of the senior management team of the old Penney’s company.
Those identified so far as joining the new Penney’s are Bill Wafford, executive vice president and chief financial officer, and Steve Whaley, controller and principal accounting officer. The new owners have established a temporary office of the ceo, to include key members of Penney’s current leadership team.
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Jill Soltau, Penney’s chief executive officer, left the company and will not be joining the new Penney’s, as previously reported. The department store’s new owners have launched a search for a new ceo. Stanley Shashoua, Simon’s chief investment officer, became interim ceo on Jan. 1. Penney’s has not provided an explanation for the departure of Soltau.
The new Penney’s, called Penney OpCo LLC, is a private company. It 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. That reorganization is expected to occur in the first half of 2021. Until that time, Old Copper will remain a public company and continue to be required to file reports with the Securities and Exchange Commission.
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. B. Craig Owens, Lisa Payne, Leonard Roberts, Javier Teruel and Ronald Tysoe have all left the board of Old Copper. Penney’s said the board resignations were not the result of any disagreement with the company or the board on any matter relating to the company’s operations, policies or practices.
There was no information on decisions regarding establishing a new board for Penney OpCo.
Penney’s retail operations emerged from Chapter 11 bankruptcy in December in a deal selling its retail and operating assets to Simon and Brookfield, which will operate the chain. Authentic Brands Group is considered a strategic partner and will be able to feed Penney’s stores and website with merchandise from brands in the ABG portfolio.