JC Penney names new chairman

He succeeds Myron E. Ullman III, former chief executive and chairman, who is finishing up his reign at Penney's.

The announcement adds the finishing touches to a major management transformation at the mid-price retailer.

Ullman, who became Penney's CEO in 2004, gave up that title Nov. 1 to Ron Johnson, a former executive at Apple Inc. who took over merchandising and marketing responsibilities and then planned to assume the rest of the responsibilities Feb. 1. During the three-month transition period, Ullman served as executive chairman.

The company said that Engibous will become chairman Jan. 28, which marks the end of Penney's fiscal year.

Under Ullman, J.C. Penney added popular brands like European clothing line MNG by Mango and Sephora cosmetics. But the department store chain is still struggling to be more inviting. The department store chain posted disappointing holiday sales as it has faced stiff competition from Macy's Inc. and other clothing sellers.

J.C. Penney reported that revenue at stores open at least a year rose 0.3 percent in December, missing the company's expectations. This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed. The company also said on Thursday that it expects to lose money in the fourth quarter.

Engibous said in a statement on Tuesday that he will help J.C. Penney as it looks to lure more shoppers to its stores.

Engibous is a retired chairman and former chief executive of Texas Instruments Inc. He has been a J.C. Penney board member since 1999 and has served as lead independent director and presiding director since 2008.

J.C. Penney runs more than 1,100 stores in the United States and Puerto Rico.

Shares slipped 8 cents to $34.49 in morning trading.