The comany's Board of Directors announced the appointment of Jill Soltau as Chief Executive Officer and a member of the Board of Directors, effective from the 15^th of October.

Soltau is a 30-year retail veteran who most recently served as President and CEO of JOANN Stores, the nation's largest fabric and crafts retailer, after serving as President of Shopko Stores.

"Jill stood out from the start among an incredibly strong slate of candidates", commented Paul J. Brown, JCPenney board director and chairman of the search committee, adding: "As we looked for the right person to lead this iconic Company, we wanted someone with rich apparel and merchandising experience and found Jill to be an ideal fit. Not only is she an established CEO and former chief merchant, her depth of experience in product development, marketing, e-commerce and store operations have been an important basis for the turnaround work she spearheaded at prior companies."

Ms. Soltau most recently served as CEO of JOANN Stores, a specialty retailer that offers fabrics and crafting supplies in over 850 stores in 49 states. Under her leadership, the company has undergone a revitalization of branding, expanded digital and omnichannel capabilities and forged strategic partnerships to build meaningful relationships with its customers.

"JCPenney is a quintessential American brand with a strong and loyal customer base, and I couldn't be prouder to lead such an iconic retailer", stated Soltau, adding: "I am highly passionate about the customer and I spent my entire career focused on the needs of a value-based consumer by researching, understanding and meeting her expectations for style, quality and inspiration. Every position I've held has prepared me for this role, and I couldn't be more excited to meet the talented and hard-working JCPenney teams and get to work."

"I am delighted to welcome Jill to the JCPenney family. She is a strategic, customer-focused leader with a demonstrated track record of enhancing profitability and delivering results. Jill has the talent and passion to revitalize the business and position the Company for growth," said Ronald W. Tysoe, chairman of the board. "Additionally, I would like to extend my deepest gratitude to Therace Risch, executive vice president, chief information and digital officer, and Mike Robbins, executive vice president of private brands and supply chain, for graciously serving in the Office of the CEO. Their loyalty and service will continue to be a valuable asset as they resume their respective leadership functions within the company."