JC Penney's Ullman Stepping Down As Chairman

By Salon Staff

Published January 10, 2012 2:00PM (EST)

PLANO, Texas (AP) — J.C. Penney Co. says Myron E. Ullman III is stepping down as chairman and will be replaced by board member Thomas Engibous on Jan. 28.

The move comes after the Texas-based department store operator had a disappointing holiday season.

Engibous said in a statement on Tuesday that he will help J.C. Penney as it looks to lure more shoppers to its stores.

Engibous is a retired chairman and former CEO of Texas Instruments Inc. He has been a J.C. Penney board member since 1999 and has served as lead independent director and presiding director since 2008.

J.C. Penney's revenue at stores open at least a year rose 0.3 percent in December, missing the company's expectations. The retailer expects it will lose money in the fourth quarter.

Its shares edged up 1 percent in premarket trading.

Salon Staff

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