J. C. Penney Announces Full Transition to Ron Johnson's Leadership to Occur on Feb. 1, 2012

The Board of Directors of J. C. Penney Company, Inc.

today provided further detail regarding the leadership succession plans it announced last week, under which Ron Johnson will become the Company's chief executive officer, succeeding Myron E. (Mike) Ullman, III. Upon joining the Company as CEO on Nov. 1, 2011, Mr. Johnson will report to the Board of Directors, of which he will become a member on Aug. 1, 2011, and to Mr. Ullman as executive chair of the board. Mr. Johnson will have immediate responsibility for the Company's core merchandising and marketing functions and will have full responsibility for all other business areas by the end of a three-month transition period. The Board said that Mr. Ullman will remain in the position of executive chairman until Feb. 1, 2012, the beginning of the Company's 2012 fiscal year, at which time he will step down from the Company and its Board of Directors.