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Myron ``Mike'' Ullman Named Chairman and Ceo of JCPenney; Questrom to Step Down After Smooth Transition

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, and shareholders."

"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 irregularities.

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, or on (for members) and (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 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 potential.

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

Age: 57

Education: University of Cincinnati; B.S., Industrial Management

Professional Experience:

    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
    Taubman Centers(a)
    Segway, LLC
    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
      Children's Hospital)

    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
    Brunswick School
    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
             Investor Relations
             Eli Akresh, 972-431-2207
             Bob Johnson, 972-431-2217

    SOURCE: J. C. Penney Company, Inc.
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