(Photo by Justin Sullivan/Getty Images)
JCPenney announced that it has hired Marc Rosen as its new CEO. He is a 25-year retail industry veteran, who was a senior executive at Levi Strauss and Walmart
It has been 11 months since the company emerged from bankruptcy and Stanley Shashona was appointed interim CEO. He was chief investment officer for the Simon Property Group
“Marc Rosen joins JCPenney after a year of focused work to stabilize the business, improve financials and position the retailer for long term success” said Shashona. Mark had significant e-commerce and retail experience at Levi Strauss and Walmart.
In the past year JCPenney has strengthened its omnichannel experience. It has introduced and relaunched 16 private and exclusive national brands. JCPenney is now concluding its 119th year of business.
Rosen said “he is humbled by the opportunity to lead this storied brand and build on the progress the JCPenney team has made under the new ownership group (Simon Property Group, Brookfield Property Group and Authentic Brands Group). I have spent my career focused on iconic America retailers, and it has given me a unique perspective on the value of heritage brands. Joining at this milestone moment in the company history, I am eager to propel the business into the next era and connect with our customers in new ways.”
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During his tenure at Levi Strauss he was responsible for the company’s global e-commerce business and during his 14 years at Walmart he held various executive positions and ended as senor vice president of global e-commerce. He began his career at Earnst & Young.
Brave words from a man that I deem as a strong leader. However, his company lacks a chief financial officer that is needed to keep the company liquid. The CFO left last year. The challenges of the post-pandemic era are difficult and we hope that Mr. Rosen will get the proper help from knowledgeable people.
Judging from his background one can hope that he will strengthen the e-commerce business and create a new image for JCPenney. While the brick and mortar more than 650 store business is still very important and is guided by the chief merchant Michelle Wlazlo with new products it is the chief executive’s responsibility to develop corporate image of value, fashion and timeliness.
POST SCRIPT: Welcome to Marc Rosen. After eleven month he knows the company and new can formulate plans to strengthen growth. It will be difficult, but I believe his background shows strength and leadership. Next year, JCPenney’s 120th year, he will show some of the innovations we are expecting.
