By  on August 8, 2013

Shares of J.C. Penney Co. Inc. moved up 8.4 percent in noontime trading to $13.88 on rumblings that the company is seeking a new chief executive officer and that Allen Questrom has agreed to return as chairman provided he agrees with the new ceo hire.

The current ceo is Myron "Mike" Ullman, who is both predecessor and successor to former chief Ron Johnson.

If the move is made within the next 45 days, as speculated, it would be the third ceo for the company in the same year.

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