TYGART TO STEP DOWN IN MARCH AS PRESIDENT OF J.C. PENNEY
PLANO, Tex. — W. Barger Tygart, J.C. Penney Co.’s 62-year-old president and chief operating officer, will retire March 1, 1998, triggering a realignment of top management geared to insure a smooth transition.
Two corporate presidents, John T. Cody Jr. and Thomas D. Hutchens, will assume broader responsibilities and start reporting to James Oesterreicher, Penney’s 56-year-old chairman and chief executive officer, on Nov. 1. They have been reporting to Tygart.
Cody, 58, who is currently president of merchandising, will become president and chief operating officer of the J.C. Penney stores, merchandising, marketing and catalog divisions.
Hutchens, 57, currently president of J.C. Penney stores, will become president and chief operating officer of international operations.
In announcing the changes Friday, the company also said that Tygart has been given the added post of vice chairman, becoming the only executive in the company to hold that title.
Tygart joined Penney’s as a trainee in 1960 and steadily rose up the ranks, becoming a regional vice president in 1985, executive vice president and director of merchandising in 1992, and senior executive vice president and director of merchandising and support operations in May 1993.
He moved into his current slot in 1994.
Last summer, Penney’s said it will take a charge of up to $200 million for a voluntary early retirement package it is offering to 1,500, or 5 percent, of its management associates to reduce expenses. However, a Penney’s spokesman said Tygart’s retirement is not part of that program.