PLANO, Texas--(BUSINESS WIRE)--Oct. 27, 2004--Myron E. Ullman III
has been named to succeed Allen Questrom as chairman and chief
executive officer of J. C. Penney Company, Inc. (NYSE:JCP). He will
join the company on Dec. 1, 2004.
"The Board has done an outstanding job in recruiting Mike to join
JCPenney," said Mr. Questrom. "He has a superior record of success in
retailing, and has demonstrated his effectiveness as a leader during
his time at Macy's, LVMH Moet Hennessy Louis Vuitton, and the DFS
Group (Duty Free Shoppers). I am delighted that he will work with our
strong management team and associates to continue JCPenney's growth
and success. Mike will be a great asset to our associates, customers,
"JCPenney is a legendary name in American retailing, and I am
honored to be joining this venerable organization," said Mr. Ullman.
"Having met with members of the Board, I am enthusiastic about what we
can accomplish together. JCPenney's management team is extremely
strong, and they have achieved great success during the past four
years under Allen Questrom's leadership. I look forward to the
opportunity to guide the company into the future."
The Board Search Committee was led by Vernon Jordan Jr.,
JCPenney's longest serving board member with more than 30 years of
service. Heidrick & Struggles assisted in the search.
Mr. Ullman is an experienced leader, with considerable retail
experience both domestically and internationally. During the past 15
years, he has led major businesses in the U.S. (R. H. Macy & Co. and
DFS Group, Ltd.), Asia (the Wharf Holdings) and, most recently, Europe
(LVMH Moet Hennessy Louis Vuitton).
From 1992 to 1995, he was Chairman and Chief Executive Officer of
New York-based R. H. Macy & Co., Inc., one of the most prominent and
largest retailers in the United States. He led Macy's through a
sweeping organizational, cultural, and financial transformation,
including the introduction of new merchandising, distribution, and
information processes. He became Macy's Chairman and Chief Executive
Officer in April 1992, several months after the company filed for
bankruptcy protection. He guided the company through a complex
reorganization and revitalization process that culminated in Macy's
merger with Federated Department Stores, Inc., in early 1995.
Mr. Ullman began his career with IBM as an international account
manager. After serving as Vice President of Business Affairs for the
University of Cincinnati, and a White House Fellow under President
Ronald Reagan, he joined Federated where he later became Executive
Vice President of the Sanger Harris Division. He has also served as
Managing Director and Chief Operating Officer of Wharf (Holdings),
Ltd. in Hong Kong.
Mr. Ullman serves as a director of Polo Ralph Lauren Corp.,
Starbucks Coffee Company, Taubman Centers, and Segway, LLC, and he
serves on the Board of Advisors of Kendall Jackson Wine Estates, Ltd.
He is also chairman of Mercy Ships International. He served as an
independent director and Co-Chairman of Global Crossing as its Board
conducted the special investigation of alleged accounting
Ullman received a B.S. in Industrial Management from the
University of Cincinnati in 1969. He and his wife Cathy have six
children and currently live in Montrose, Colo. He is 57 years old.
Senior management will host a live conference call and real-time
webcast on Thursday, Oct. 28, 2004, beginning at 9:30 a.m. EDT. Access
to the conference call is open to the general public in a listen only
mode. Analysts and media will have the opportunity to ask questions.
To access the conference call, please dial 973-935-2035 and reference
the JCPenney Conference Call. The telephone playback will be available
for two days beginning approximately two hours after the conclusion of
the call by dialing 973-341-3080, pin code 5336820. The live webcast
may be accessed via JCPenney's Investor Relations website (at
JCPenney.net), or on StreetEvents.com (for members) and
FullDisclosure.com (for media and individual investors). Replays of
the webcast will be available for up to 90 days after the event.
J. C. Penney Corporation, Inc., the wholly-owned operating
subsidiary of the Company, is one of America's largest department
store, catalog, and e-commerce retailers, employing approximately
150,000 associates. As of July 31, 2004, J. C. Penney Corporation,
Inc. operated 1,018 JCPenney department stores throughout the United
States and Puerto Rico, and 60 Renner department stores in Brazil.
JCPenney Catalog, including e-commerce, is the nation's largest
catalog merchant of general merchandise, and JCPenney.com is one of
the largest apparel and home furnishings sites on the Internet. J. C.
Penney Corporation, Inc. is a contributor to JCPenney Afterschool
Fund, a charitable organization committed to providing children with
high quality after school programs to help them reach their full
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, which reflect the Company's current views
of future events and financial performance, involve known and unknown
risks and uncertainties that may cause the Company's actual results to
be materially different from planned or expected results. Those risks
and uncertainties include, but are not limited to, competition,
consumer demand, seasonality, economic conditions, and government
activity. Investors should take such risks into account when making
investment decisions. In addition, non-GAAP terms referenced, such as
EBITDA and free cash flow, are defined and presented in the Company's
2003 Annual Report on Form 10-K.
Fact Sheet on Myron (Mike) Ullman
Education: University of Cincinnati; B.S., Industrial Management
1997 to 2001 LVMH Moet Hennessey Louis Vuitton
-- 1999 Directeur General, Group Managing Director
-- 1998 President of LVMH Selective Retail Group
-- 1997 Chairman and Chief Executive Officer, DFS Group
1995 to 1997 DFS Group LTD.
Chairman and Chief Executive Officer
1988 to 1995 R. H. Macy & Co., Inc.
-- 1992 Chairman and Chief Executive Officer
-- 1988 Executive Vice President
1986 to 1988 Wharf (Holdings) LTD.
Managing Director and Chief Operating Officer
1982 to 1986 Federated Department Stores
Executive Vice President, Sanger Harris division
1981 to 1982 The White House
White House Fellow under President Ronald Reagan
Executive Assistant to U.S. Trade Representative
William E. Brock III
Corporate and Not-For-Profit Board Experience:
Polo Ralph Lauren Corp.(a)
Starbucks Coffee Company
Kendall Jackson Wine Estates Ltd. (Board of Advisors)
Mercy Ships International
UCSF Medical Center (Chairman of Executive Board)
Lucille Packard Foundation for Children's Health (Stanford
R. H. Macy & Co., Inc.
Federated Department Stores
LVMH Moet Hennessey Louis Vuitton, S.A.
Wheelock Holdings & Wharf Holdings Limited
DFS Group Limited
Global Crossing (Co-Chairman)
National Retail Federation
St. Vincent's Hospital
National MS Foundation
Mother Love Orphanage (Hong Kong, Founding Director)
(a) Mr. Ullman intends to resign from this Board as he would no longer
qualify as an independent director.
CONTACT: J. C. Penney Company, Inc., Plano
Carolyn Covey Morris, 972-431-4753
Eli Akresh, 972-431-2207
Bob Johnson, 972-431-2217
SOURCE: J. C. Penney Company, Inc.