The corporate introduced on Tuesday that Soltau will take over as its chief govt starting on October 15. JCPenney has been leaderless since Marvin Ellison left in Might to take the highest job at Lowe’s.
Soltau, 51, would be the 25th lady at the moment main a Fortune 500 firm, in keeping with Fortune journal. She is going to change into Penney’s fifth chief govt up to now decade.
She is going to make a base wage of $1.four million, with a $6 million signing bonus and shall be eligible for annual performance-based bonuses.
In an indication that Soltau has Wall Avenue’s approval to start out, shares rose 10% in prolonged buying and selling.
Soltau will face a frightening activity: turning round JCPenney (JCP), a former retail heavyweight that has fallen greater than 50% this 12 months and slipped to shut to $1.50 a share. Penney is currently without its chief financial officer. Jeffrey Davis resigned final week solely 14 months after taking the job.
The challenges at JCPenney are enormous. It’s greater than $four billion in debt and has posted a…
