The company announced on Tuesday that Soltau will take over as its chief executive beginning on October 15. JCPenney has been leaderless since Marvin Ellison left in May to take the top job at Lowe’s.
Soltau, 51, will be the 25th woman currently leading a Fortune 500 company, according to Fortune magazine. She will become Penney’s fifth chief executive in the past decade.
She will make a base salary of $1.4 million, with a $6 million signing bonus and will be eligible for annual performance-based bonuses.
In a sign that Soltau has Wall Street’s approval to start, shares rose 10% in extended trading.