Plano, TX, October 28--JC Penney has named a former chairman and chief executive of Macy's to lead the department store company, replacing Allen Questrom.
Myron E. Ullman III, also formerly an executive with luxury retailer LVMH Moet Hennessy Louis Vuitton, will take Questrom's place on Dec. 1, Penney said Wednesday.
Questrom, 64, led a 4-year turnaround effort that recently resulted in rising sales at Penney's department stores. He had hinted he planned to leave when his 5-year contract expired in September 2005, and the company had hired a search firm, but the timing of his departure came as a surprise.
Questrom said in an interview with The Associated Press that he had planned to finish his contract but left early when the company had a chance to hire Ullman, whom he knew from his days leading Federated Department Stores Inc., which bought Ullman-led R.H. Macy & Co. Inc. in the mid-1990s.
"When you find a candidate that you think is the best candidate, you move forward," Questrom said.
Questrom said the board considered six or seven finalists and narrowed its choice to Ullman and Vanessa Castagna, Penney's CEO of department stores.
He said Ullman's broader experience and background as a CEO were deciding factors.
In a telephone interview, Ullman said he was eager to return to a CEO's job -- it's been nine years since he left the top spot at Macy's -- and was impressed with Penney's turnaround since 2000.
Ullman, 57, said he would continue Penney's push into off-mall locations -- the company plans to open 75 to 100 freestanding stores in the next few years -- and to stress more fashionable merchandise. He declined to discuss specific changes he might pursue.
