J.C. Penney taps CEO from JoAnn Stores

The search for a CEO to lead Plano, Texas-based J.C. Penney has ended with Jill Soltau, a 30-year retail veteran. Soltau, 51, will officially begin her new leadership role on Oct. 15. She replaces Marvin Ellison, who exited the retailer in May to become CEO at home improvement chain Lowe’s.

Soltau is the first female CEO at J.C. Penney in the company’s 116-year history. Soltau has been CEO of JoAnn Stores since March 2015. Prior to that, she served as president and chief merchandising officer of Shopko. Other retail experience includes stops at Kohl’s, Sears and Carson Pirie Scott. Soltau also serves on the board at AutoZone.

“I couldn’t be prouder to lead such an iconic retailer,” she said. “Every position I’ve held has prepared me for this role, and I couldn’t be more excited to meet the talented and hard-working J.C. Penney teams and get to work.”

Soltau will receive a one-time cash bonus of $6 million, after taxes, with her targeted annual compensation at $11 million including salary, bonus and long-term stock awards, according to the contract filled recently with the U.S. Securities & Exchange Commission. She will also receive $10 million in restricted stock payable over three years. Soltau also agreed to relocate to Dallas-Fort Worth in the coming months.

JoAnn Stores said it has selected former Tyson Foods and Walgreens executive Wade Miquelon to serve as interim CEO while a search begins for a permanent replacement. Miquelon joined JoAnn Stores in March 2015 as chief financial officer. He held similar roles at Walgreens and Tyson Foods prior to that.