Jill Soltau left the company on 31 December

Jill Soltau left the company on 31 December

The new ownership group of JCPenney has launched a search for a new CEO to replace Jill Soltau who stepped down from the role at the end of last month.

Simon Property Group and Brookfield Asset Management, along with strategic partner Authentic Brands Group, said the search will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a "sustainable and enduring" JCPenney.

The group has established a temporary office of the CEO to include key members of JCPenney's current leadership team while its search continues. Stanley Shashoua, Simon Property Group's chief investment officer, was appointed interim CEO on 1 January.

Soltau left the company on 31 December after serving as CEO since 2018. 

The department store retailer emerged from Chapter 11 bankruptcy early last month after completing the sale of its retail and operating assets to Brookfield Asset Management and Simon Property Group.