J C Penney Company Inc (NYSE:JCP) On A Hunt For Top Merchandising Position, A New Chief Merchant

J C Penney Company Inc (NYSE:JCP) recently announced that it is now on a hunt for new chief merchant, who would succeed the present executive, Elizabeth H. Sweney. The designation, which is said to be the top most in the hierarchy of J C Penney Company Inc’s merchandising job, was held by Elizabeth H. Sweney since 2012.

From within or outside?

As J C Penny undertakes a lot of marketing and strategic changes, this can be seen as a management change. There is a lot going on in the company and therefore, according to the Wall Street Journal, it is yet not clear whether the new executive shall be from within the company or someone who is not connected to J C Penny at all.

The recruitment of this designation is being done by the CEO, Marvin Ellison, who has already approached a few of the big names in retail industry. The Wall Street Journal reported that Marvin Ellison may look for someone who has years of withstanding in this niche, partly because his experience in merchandising is not quite impressive. It is for this reason that hunting the new executive for this designation is at the top of the mind of J C Penny’s CEO.

Big retailers on management changes spree

J C Penny would become the latest retailer to join the bandwagon of those who have recently done so. Of late, many of the retailers have made vital changes to the top level management in the hierarchy of company. With the changes in industry due to technological advancements, these companies are either redefining the roles of executives or appointing the new ones. The designation of Chief Merchant is said to be that of #2 in the hierarchy of commandants. It is this person who is assigned the role of picking up the right kinds of items for the store.

Marvin Ellison joined J C Penney Company Inc (NYSE:JCP) in November 2014 and since then he has been trying to break the doom over the company that existed because of deep losses and struggling sales.

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Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.