In the past decade, considerable resources have been assigned to websites and online sales channels at the expense of traditional marketing print collaterals (i.e., catalogs). Retailers across the globe are experiencing a rebirth of the print catalog. Many businesses suffered sharp drops in sales after cutting their print catalogs. They came to realize that three-quarters of the customers that make purchases are still reviewing catalogs.
Hedge fund manager William Ackman has resigned from the board of J.C. Penney, bringing an end to an unusually public rift among directors that had threatened the struggling company's turnaround efforts. Ackman resigned Monday, J.C. Penney said in a statement Tuesday. The board is bringing aboard former Federated Department Stores Inc. — now Macy's — executive Ronald Tysoe and said it will name another new director in the future. The board also declared its "overwhelming support" for Chairman Thomas Engibous and Chief Executive Myron "Mike" Ullman, both of whom Mr. Ackman had argued should be replaced.
Ron Johnson lasted just 17 months as CEO of J.C. Penney. A J.C. Penney spokeswoman confirmed that Johnson is stepping down and will be replaced by his predecessor, Myron "Mike" Ullman, effective immediately. Ullman has also been elected to Penney's board of directors. "We are fortunate to have someone with Mike's proven experience and leadership abilities to take the reins at this important time," said Thomas Engibous, chairman of the board of directors, in a statement. "He's well-positioned to quickly analyze the situation J.C. Penney faces and take steps to improve the company's performance."
J.C. Penney announced that Thomas J. Engibous will become chairman of its board of directors, effective Jan. 28. Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. He will assume the chairman's role from Myron E. Ullman, III, J.C. Penney’s former CEO, who will step down as executive chairman. Engibous is the retired chairman of Texas Instruments Inc.
J.C. Penney said it will introduce a new logo, designed to symbolize the retailer’s transformation to a more updated and relevant destination. The new logo will debut with the retailer’s spring marketing campaign as the exclusive retail sponsor of the Academy Awards on Feb. 27.
J.C. Penney announced a series of actions designed to build on its accomplishments and focus on its highest potential growth opportunities. They include the wind down of its catalog and outlet operations, closing certain underperforming store locations, and streamlining its call center operations.