Former JC Penney chairman/CEO Allen Questrom announced his retirement from the Plano, TX-based retailer last week.
Questrom, who had been with the company for four years, was succeeded by Myron Ullman on Dec. 1 and has worked with Ullman since then to ensure a smooth transition.
Questrom's career in the retail sector has included stints as chief executive at Barneys New York Inc., Neiman Marcus Group Inc. and Federated Department Stores Inc.
While at JC Penney, the company's financial position received a boost, reflected in its “increased share price and the fourfold rise in the company's market value,” according to a statement from the JC Penney board of directors.
Ullman credited Questrom with leading a turnaround of the multichannel retailer.
“He has been the catalyst for the successful repositioning of the company's department store and catalog/Internet business during the past four years,” Ullman said in a statement.
On Dec. 17, international auction house Sotheby's Holdings Inc. picked Questrom to join its board of directors.
Chantal Todé covers catalog news for DM News.com. To keep up with the latest catalog news subscribe to our free e-mail newsletter DM News Daily by visiting //www.dmnews.com/cgi-bin/newslettersub.cgi