In a change in its management structure, J.C. Penney Co. Inc. named a new chairman, Thomas J. Engibous.
Previously, Penney’s had one individual, Myron E. “Mike” Ullman 3rd, filling the role of chairman and chief executive officer. However, Ullman in October was succeeded by Ron Johnson as ceo, and on Jan. 28, Engibous succeeds Ullman as chairman. Ullman was most recently executive chairman.
Sources said the change in the structure reflects a desire to put some limits on Johnson’s control, considering Penney’s represents his first ceo job. Penney’s officials could not be reached for comment Tuesday.
In its announcement, Penney’s said Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. Engibous is the retired chairman of Texas Instruments Inc. He served as its president and ceo from 1996 through 2004, having joined Texas Instruments in 1976. Engibous is also a director of Taiwan Semiconductor Manufacturing Co. Ltd.
“Tom is deeply committed to the success of the company, shares our vision for the future and has been invaluable to me in my early days leading J.C. Penney,” Johnson said. “His guidance will continue to be of great help as we build J.C. Penney into America’s favorite store.”
“Important work is under way at J.C. Penney to transform the company by delivering a new level of innovation, creativity and excitement to customers,” Engibous said. “I look forward to working closely with Ron, management and the board to help ensure the success of the company’s plans and drive shareholder value.” Engibous also credited Ullman with putting together a strong succession planning process.