J.C. Penney (JCP) Announces Resignation of Chief Merchandising Officer
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J.C. Penney Company, Inc. (NYSE: JCP) today announced that Ken C. Hicks has resigned from his position as president and chief merchandising officer, effective July 6, 2009. Mr. Hicks has accepted the position of CEO with a publicly traded specialty retailer. JCPenney will conduct an executive search for Mr. Hicks' successor. In the interim, Myron E. (Mike) Ullman, III, chairman and chief executive officer, will assume Mr. Hicks' responsibilities.
Mr. Hicks, 56, has held his current position at JCPenney since 2005. He joined the Company in 2002 as president and chief operating officer of JCPenney's stores and merchandise operations, after having served as president of Payless ShoeSource, Inc. (now known as Collective Brands, Inc.) (NYSE: PSS). He is also a member of JCPenney's Board of Directors, and will resign from that position on July 6th.
JCPenney is a leading retailer, operating 1,101 department stores throughout the United States and Puerto Rico, as well as jcp.com, and one of the nation's largest general merchandise catalog business.[SM]
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