JCPenney JCP Announces Appointment of CEO Marvin Ellison as Successor to Myron Ullman as Chairman

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Carol Eaton
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JCPenney JCP Announces Appointment of CEO Marvin Ellison as Successor to Myron Ullman as Chairman On July 21, JCPenney announced the appointment of current CEO Marvin Ellison to the additional role

On July 21, JCPenney announced the appointment of current CEO Marvin Ellison as Chairman, effective August 1, 2016.

In October 2014, the company announced the appointment of Ellison as CEODesignee and its intention that Ellison would Source:JCP become CEO as of August 1,, after which time Ullman, who was then CEO,

1 JCPenney JCP Announces Appointment of CEO Marvin Ellison as Successor to Myron Ullman as Chairman On July 21, JCPenney announced the appointment of current CEO Marvin Ellison to the additional role of Chairman, effective August 1, Ellison succeeds current Chairman Myron Mike Ullman. Ullman is retiring as part of a transition plan the company announced in On July 21, JCPenney announced the appointment of current CEO Marvin Ellison as Chairman, effective August 1, Ellison succeeds current Chairman Myron Mike Ullman, who will retire as part of a transition plan the company announced in In October 2014, the company announced the appointment of Ellison as CEODesignee and its intention that Ellison would Source:JCP become CEO as of August 1,, after which time Ullman, who was then CEO, would remain with the company as Executive Chairman for a period of one year, i.e., until August 1, Ellison has now served as CEO of JCPenney since August 1,, after serving as CEO Designee from November 1, 2014 July. Prior to that, he was Executive VP of US Stores for Home Depot from August 2008 October From June 2002 August 2008, Ellison served in several other roles at Home Depot, including President of the Northern Division and SVP of Global Logistics. Before that, he worked at Target for 15 years in a variety of asset protection and operational roles. Ellison holds a BA in from the University of Memphis and an MBA from Emory University. Myron Ullman was Executive Chairman of the Board for JCPenney from 2004 and has served in the same role since August. He served as CEO from. From 1999, Ullman served as Directeur Général, Group Managing Director, LVMH Moët Hennessy Louis Vuitton and as President of LVMH Selective Retail Group from From , he served as Chairman and CEO of DFS Group and from , he served as Chairman and CEO of R.H. Macy & Company. 1

2 Figure 1. History of Management Changes Jul. 21, 2016 Marvin Ellison Chairman and Chief Executive Officer The Board of Directors appointed CEO Marvin Ellison to the additional position of Chairman. Mr. Ellison succeeds Myron E. Mike Ullman, III who will be retiring in accordance with the transition plan that the Company outlined in Jan. 18, 2016 Joe McFarland EVP of stores Since August, McFarland has been pursuing his passion of providing affordable housing to families in need. Prior to this, McFarland worked at The Home Depot for over 20 years where he held positions of increasing responsibility, most recently as the president of the Northern and Western Divisions. Dec. 18, Therace Risch Chief Information Officer Previously served as EVP and CIO at COUNTRY Financial. Prior to COUNTRY Financial, Risch spent 10 years at Target Corporation. Dec. 18, Scott Laverty EVP, Chief Information Officer Served in the position since September 20, after serving as interim CIO from June to September. He joined the company as SVP, Business Solutions in. Prior to JCPenney, he served as the Americas retail practice leader for HCL Axon from to. Oct. 1, John Tighe EVP, Chief Merchant Most recently served as SVP and Senior General Merchandise Manager for men's, children s, footwear, handbag and intimate apparel divisions. Replacing Elizabeth Sweney, who will serve in an advisory role through the end of the fiscal year before retirement. Aug. 4, Michael Amend EVP, Omnichannel Formerly VP of online, mobile and monichannel for The Home Depot, joins as EVP Omnichannel. Aug. 4, Mike Rodgers EVP, Omnichannel Previously served as SVP of Omnichannel Strategy and Executive, and promoted to EVP of Omnichannel. Aug. Myron E. Ullman III Chief Executive Officer and Chairman Kept the title of Chairman. Served as CEO from 2004 to November. Previously served as Directeur General, Group Managing Director, LVMH from 1999 to Aug. Marvin Ellison Chief Executive Officer CEO as of August 1,. Has been President since November 1, Served as EVP of US Stores at The Home Depot from August 25, 2008 to October 31,

3 Jun. 1, Mary Beth West EVP, Chief Customer and Marketing Officer Has been a member of the JCPenney Board of Directors since Ms. West had a long career with Kraft, assumed the title of CMO in 2007, and assumed the role of EVPChief Category and Marketing Office at Mondelez when Kraft Foods Inc. split into two companies, and left the company in Mar. 24, 2014 Kenneth H. Hannah Joined the company in May as CFO. Prior to this position, he served as an EVP and President of Solar Mateials at SunEdison, Inc. Mar. 24, 2014 Edward J. Record Previously served as COO at Stage Stores Inc. from Feb 2010 to Feb 12, Feb H. Brian Valentine SVP, Ecommerce Platform Held various positions with Microsoft Corporation from 1987 to 2006, and invited to join Amazon in September Sep. 20, Mark R. Sweeney SVP, Controller, Princiap Accounting Officer Joined on September 5,. Previously served as VP of Operational Center of Excellence of Corporate Finance at General Electric Co. since April, Sep. 20, Dennis P. Miller SVP, Controller Previously served as SVP and Controller from 2008 to September, and was SVP, Finance from September to September. Aug. 2, Debra Berman SVP, Marketing Prior to joining the company, served as VP, marketing strategy and engagement at Kraft Foods Group. Apr. 23, Brynn Evanson EVP, Human Resources Promoted from VP of Compensation, benefits and talent operations. Joined the company in Apr. 18, Ken Mangone EVP, Product Development, Design and Sourcing Rehired by CEO Ullman. Left the company in December after joining the company in Apr. Nickelson Wooster SVP, Product Development Joined in April, hired by CEO Ron Johnson. Apr. Daniel E. Walker Chief Talent Officer Served as Chief Talent Officer from November 16, to April,. Has served in Apple Inc. as Chief Talent Officer from 2000 to 2004, and as Consultant till Apr. 17, Michael W. Kramer COO Served as COO from December 5, till April,, and served as Interim CFO from April 13, to May 7,. Served as President for Kellwood Company prior to joining J.C. Penney. 3

4 Apr. 8, Ronald B. Johnson CEO Previously served as SVP of Retail at Apple Inc. Apr. 18, Myron E. Ullman III CEO Served as CEO from 2004 to November. Previously served as Directeur General, Group Managing Director, LVMH from 1999 to Mar. Ed Robben SVP, CIO Joined the Company in Prior to this, he served as VP at EDS. Dec. Ken Mangone EVP, Product Development, Design and Sourcing Left the company in December after joining the company in Sep. 5, Mark R. Sweeney SVP, Controller, Princiap Accounting Officer Previously served as Vice President of Operational Center of Excellence of Corporate Finance at General Electric Co. since Apr, Jun. Michael R. Francis President Prior to joining the company, served as EVP and Chief Marketing Officer for Target Corporation. May Kenneth H. Hannah Previously served as EVP and President of Solar Materials at SunEdison. Apr. 13, Michael Dastugue Served as CFO from January to April 13,. Apr Nickelson Wooster SVP, Product Development Hired by CEO Ronald Johnson to head private labels. Mar Elizabeth Sweney EVP, Chief Merchant Was named Chief Merchant in March. Prior to joining the company in 2000, she held different positions at Kellwood Company and Montgomery Ward. Jan. 27, Michael T. Theilmann Group Executive Vice President Served as Chief Human Resources & Administration Officer from June 1, 2005 to August 2010, and Group Executive Vice President afterwards. Jan. 18, Kristen E. Blum EVP, Chief Technology Officer To replace Ed Robben. The CIO position is eliminated. Previously served as SVP, CIO, Enterprise Transformation at PepsiCo. Dec. Thomas M. Nealon Group Executive Vice President Served as Group Executive Vice President from august 2, 2010 to December 1,. Prior to this, served as EVP from October 2, 2006 to August 2, Dec. 5, Michael W. Kramer COO Served as COO from Dec 05, till Apr,, and served as Interim CFO from Apr 13, to May 7,. Served as President for Kellwood Company prior to joining J.C. Penney. Nov. 16, Daniel F. Walker Chief Talent Officer Joined the Company in Prior to this, he served as VP at EDS. Nov. 1, Ronald B. Johnson CEO Previously served as SVP of Retail at Apple Inc., since January

5 Oct. Michael R. Francis President Jan. Michael P. Dastugue Prior to joining the company, served as EVP and Chief Marketing Officer for Target Corporation. Promoted from SVP, Finance. Joined the Company in Jan. Robert B. Cavanaugh Retired. Has been serving as EVP and CFO since Jan. Ken Mangone Jan. Ed Robben SVP, CIO EVP, Product Development, Design and Sourcing Promoted from SVP, Product Development and Design. Joined the Company in Prior to this, he served as VP at EDS. 5

6 Deborah Weinswig, CPA Managing Director Fung Global Retail & Technology New York: Hong Kong: China: John Harmon Senior Research Analyst HONG KONG: 10th Floor, LiFung Tower 888 Cheung Sha Wan Road, Kowloon Hong Kong Tel: NEW YORK: 1359 Broadway, 9 th Floor New York, NY Tel: LONDON: Marylebone Road London, NW1 6JQ United Kingdom Tel: FBICGROUP.COM 6

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