Department store chain JC Penney Company Inc has named Michael Theilmann as executive vice president, chief human resources and administration officer.

Theilmann, who takes the role on 1 June, joins JC Penney from Yum! Brands Inc., where he most recently served as senior vice president, human resources and chief people officer. He takes the place of Gary Davis, who is retiring after 41 years with the company.

JC Penney Corporation Inc, the wholly owned operating subsidiary of JC Penney Company Inc, is one of America's largest department store, catalogue, and e-commerce retailers.

JC Penney Company announced yesterday that it may sell its stake in Lojas Renner SA.

In a securities filing, the group said it paid $139 million for a majority stake in the company in 1999.  Lojas Renner has a chain of 62 department stores in Brazil.