PLANO, Texas (March 1, 2010) – J. C. Penney Company, Inc. (NYSE: JCP) today announced the promotion of John J. Tighe to senior vice president and general merchandise manager of its Home business. Mr. Tighe, who has nearly 20 years of merchandising experience, will also join the Company's Executive Board.
Mr. Tighe will report to Steven Lawrence, executive vice president and senior general merchandise manager of the Men’s and Children’s Divisions, who has now also assumed responsibility for JCPenney's Home business. Elizabeth H. Sweney, executive vice president and senior general merchandise manager, will continue to lead Women’s Apparel, Women’s Accessories and Shoes and will now have responsibility for Fine Jewelry as well. Pam Mortensen, senior vice president and general merchandise manager, will now report to Ms. Sweney. Jeffrey J. Allison, who was recently named to lead the Home and Fine Jewelry businesses, has left the Company for personal reasons.
Myron E. (Mike) Ullman, III, chairman and chief executive officer, said, "We have centered the merchandising leadership at JCPenney in a way that will allow us to best focus our efforts on confirming JCPenney as a style destination. Liz Sweney will now oversee the entirety of our offerings for women, making us even better able to deliver consistent looks that reflect our customers’ increasing fashion sensibility. Steve Lawrence will lead our other major divisions, with a commitment to delivering affordable style across our Men’s, Children’s and Home offerings. They are two of the strongest merchants in the industry and are supported by a deep bench of merchandising talent, including John Tighe, one of our Company's most successful and skillful merchants.” He added, “We would like to thank Jeff Allison for his years of service to JCPenney, and wish him all of the best.”
John Tighe, 41, was previously senior vice president of jcp.com, with responsibility for driving strategy, business planning and execution and improving the overall brand and customer experience for the site, which is one of the largest apparel and home furnishing destinations on the Internet. He joined JCPenney in 2002 and was named divisional merchandise manager for Junior Sportswear two years later. He had previously spent 10 years at Filene’s in a series of merchandising roles of increasing responsibility.
Pam Mortensen, 55, joined JCPenney in July from Wal-Mart, where she had served as vice president and divisional merchandise manager of the Fine Jewelry and Watch division since 2002. Prior to that, Ms. Mortensen spent five years as vice president, divisional merchandise manager in Home, for Service Merchandise. She had previously spent 12 years as a senior buyer in the Bailey Banks and Biddle division of Zale. She began her career as a buyer at Sanger-Harris Federated Department Stores, where she spent 12 years.
Steve Lawrence, 42, was named executive vice president and senior general merchandise manager of the Men’s and Children’s divisions in late 2009. He had previously been executive vice president and general merchandise manager of Men's since April 2008, after serving as senior vice president and general merchandise manager of the Children's division and previously as divisional merchandise manager for Young Men's sportswear. Steve joined JCPenney in 2000 from Foley's, where he spent more than 10 years in the Men's division.
Elizabeth Sweney, 55, was named executive vice president and senior general merchandise manager of the Shoes and Women’s Accessories divisions in late 2009, in addition to heading the Women’s Apparel business. Ms. Sweney joined JCPenney in 2000 to lead Women’s Apparel, JCPenney’s largest division, as executive vice president and general merchandise manager. She previously held several senior-level positions at Kellwood Co., which she joined after 17 years with Montgomery Ward & Co.
About JCPenney
JCPenney is one of America's leading retailers, operating 1,108 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation's largest general merchandise catalog business. Through these integrated channels, JCPenney offers a wide array of national, private and exclusive brands which reflect the Company's commitment to providing customers with style and quality at a smart price. Traded as "JCP" on the New York Stock Exchange, the Company posted revenue of $17.6 billion in 2009 and is executing its strategic plan to be the growth leader in the retail industry. Key to this strategy is JCPenney's "Every Day Matters" brand positioning, intended to generate deeper, more emotionally driven relationships with customers by fully engaging the Company's approximately 150,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.
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, general economic conditions, including inflation, recession, unemployment levels, consumer spending patterns, credit availability and debt levels, changes in store traffic trends, the cost of goods, trade restrictions, changes in tariff, freight, paper and postal rates, changes in the cost of fuel and other energy and transportation costs, increases in wage and benefit costs, competition and retail industry consolidations, interest rate fluctuations, dollar and other currency valuations, risks associated with war, an act of terrorism or pandemic, and a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information. Please refer to the Company's most recent Form 10-K and subsequent filings for a further discussion of risks and uncertainties. Investors should take such risks into account when making investment decisions. We do not undertake to update these forward-looking statements as of any future date.
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