She is tasked with a turnaround bid against the backdrop of a deteriorating brick-and-mortar retail landscape that has forced Toys 'R' Us Inc and Sears Holdings Corp to seek bankruptcy protection.
Reuters reported last month that the 117-year-old department store operator hired advisers to explore debt restructuring options that would buy more time for the money-losing U.S. retailer to forge a turnaround.
J.C. Penney CEOs since 2004:
Myron 'Mike' Ullman (2004-11; 2013-15)
- Introduced successful Sephora cosmetics shop-within-shop concept. Penney sales and market value reached all-time highs.
- Eliminated Penney's catalog. Activist investor William Ackman called the company mismanaged under his tenure.
- Ullman said sales and market value results spoke for themselves. Returned as CEO in 2013 after J.C. Penney suffered a tumultuous two years under replacement Ron Johnson.
Ron Johnson (2011-2013)
- The pioneer of Apple Inc retail outlets launched expensive renovations of Penney stores and eliminated coupons.
- The moves sparked a customer backlash.
- After sales fell 25%, Johnson conceded that his plan to abandon coupons and sales events was a mistake. He later said during a conference that Penney should have stuck with his overall strategy, according to Fortune magazine.
Marvin Ellison (2015-2018)
- Hired from Home Depot Inc to address Penney's falling sales, where he was credited for revitalizing the home improvement chain.
- Focused Penney on home appliances, but shares plunged.
- In 2018, Ellison left Penney to join home improvement chain Lowe's Cos Inc.
Jill Soltau (2018-present)
- Hired from fabric and crafts seller Jo-Ann Stores, she confronted continued falling sales and financial losses.
- Stopped selling major appliances, including refrigerators and washing machines, and started revamping store layouts to focus on apparel as part of a turnaround attempt that she has emphasized will take time.
- Company hired advisers to explore debt restructuring options.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)