BAM - J.C. Penney stock spikes 7.2% as search for new CEO starts

J.C. Penney's ([[JCPNQ]] +7.2%) new ownership, which includes mall REIT Simon Property Group ([[SPG]] +0.9%) and Brookfield Asset Management ([[BAM]] +0.3%), start a search to replace CEO Jill Soltau, who will exit the company on Thursday.JCPNQ climbs 7.2% in midafternoon trading in New York.The new owners will establish a temporary office of the CEO to include key members of J.C. Penney's current leadership team. Stanley Shashoua, SPG's chief investment officer, will become interim CEO effective Jan. 1, 2021.Also included in the JCPNQ ownership group is Authentic Brands Group, which owns Forever 21, Nine West, and Jones New York, among other retail chains.J.C. Penney expects to emerge from Chapter 11 bankruptcy in H1 2021. The struggling department store chain had hoped to complete the process before the holiday season.

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J.C. Penney stock spikes 7.2% as search for new CEO starts