J.C. Penney Extends Castagna's Contract
Castagna's contract was extended in July before it expired. She has been widely reported to be a candidate to take over the company when chairman/CEO Allen Questrom's contract expires in September 2005. He has acknowledged her contributions to the company as well as her leadership skills in published reports, according to a J.C. Penney spokesman. The extension was revealed in the company's Form 10-Q filing with the SEC on Sept. 8.
J.C. Penney's board has instituted a search for candidates to replace Questrom. No time frame for the conclusion of that search has been set, according to the spokesman.