J.C. Penney names Jill Soltau as new CEO

J.C. Penney has named ex-Joann Fabric Stores CEO Jill Soltau as its new chief executive, effective on October 15th.

Why it matters: JCPenney has been under pressure to replace its top executive since June, when former CEO Marvin Ellison left to run Lowe's. Soltau, who has worked other retailers like Shopko, Sears, and Kohl's, has a big job ahead of her to drive a revival of the struggling department store.