Boston, MA 10/15/2013 (wallstreetpr) – J.C. Penney Company, Inc. (NYSE:JCP) has announced that Stephen Sadove will soon become a director the company. Sadove is currently the Chief Executive Officer at Saks, where he is in the position since 2006. He plans to join J.C. Penney as soon Saks is acquired by Hudson’s Bay Co., the luxury store chain which is due to be done by the end of the year. Sadove has always been acclaimed on the Wall Street for enhancing Saks’ e-commerce. He would now bring his retail business expertise into Penney which has been suffering severe declines in same-store sales.
The company’s present CEO Myron Ullman had also served as a director in Saks in 2013 for a short period from Feb to April, post which he joined JCP as CEO again. Apart from Sadove, Ullman also comes to Penney from the retail sector. The others in its board are Leonard Roberts and Ronald Tysoe. Roberts is the retired CEO of RadioShack Corp and Tysoe has been the Vice Chairman at Federal Department Stores Inc.
J.C. Penney had been criticized earlier in 2012 for not following its former CEO Ron Johnson’s strategies to pull the company to heights and give up on coupons. Due to this, the company had seen major downfall in same-store sales and is still suffering from the aftereffects.
News that the company shared is that Geraldine Laybourne is giving up his position as a director in the company soon. Laybourne, who has been the founder and previously also the CEO of Oxygen Media, is planning to startup a new technology venture designed for kids, which would be called by the name of KANDO. Earlier this year, in the month of August, the hedge fund manager William Ackmanhad also stepped down from the board. Ackman’s Pershing Square Capital Managemnet was the largest shareholder at the Penney. However, when he left, he sold all the stakes. Similar story is shared by Vornado Realty Trust’s CEO Steve Roth.
