J. C. Penney Company, Inc. Names Michael W. Kramer Chief Operating Officer

PLANO, Texas, Nov. 14, 2011 /PRNewswire/ -- J. C. Penney Company, Inc. (NYSE: JCP), today announced that Michael W. Kramer has been named chief operating officer, effective Dec. 5, 2011. In this role, Mr. Kramer will be responsible for Finance, Investor Relations, Corporate Strategy, and Information Technology. He will report to Chief Executive Officer Ron Johnson.

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Mr. Kramer is a seasoned retail executive with nearly 20 years of executive leadership experience and a track record of building highly innovative organizations focused on emerging consumer trends and markets. Since 2008, he has been president and chief executive officer of Kellwood Company, where he oversaw a portfolio of premier fashion brands, including Scotch & Soda, Vince, Rebecca Taylor, ADAM, BLK DNM, David Meister and XOXO, among many others.  Prior to that, he was executive vice president and chief financial officer at Abercrombie & Fitch. From 2000 to 2005, he was at Apple, Inc., where, as chief financial officer of Apple Retail, he worked directly under Mr. Johnson.

"Mike is an extremely talented executive, and I am thrilled to be working with him again," Mr. Johnson said. "In building our senior management team, we have targeted leaders, like Mike, with imagination as well as deep and diverse skills.  His long experience in senior operational and financial positions at leading retailers, as well as his most recent role as the CEO of a large, diversified wholesale company serving the department and specialty store industry, makes him uniquely well-suited for this role. Mike will help ensure that J. C. Penney is a strong partner to our suppliers, which will be essential to our success as we set out to re-imagine the department store experience."

Mr. Kramer said, "J. C. Penney is the most exciting opportunity in retail today, and I am honored to be joining the talented management team that will be moving the Company forward. I am eager to begin working with them and our associates to find new ways to transform J. C. Penney into America's favorite store."

About Michael W. Kramer

Mr. Kramer, 47, brings nearly two decades of senior management experience in the retail industry to his new role. At Kellwood, he oversaw design, marketing and development for a range of leading fashion brands. Prior to serving as chief financial officer of Abercrombie & Fitch (2005-2008) and Apple Retail (2000-2005), he held key financial leadership roles at The Limited, Pizza Hut, and Einstein Noah Bagel Corporation. He earned his B.S. from Kansas State University in 1987 and is a Certified Public Accountant.

Media Relations
Darcie Brossart and Rebecca Winter; (972) 431-3400
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Investor Relations
Kristin Hays and Angelika Torres; (972) 431-5500 
[email protected]

Corporate Website
www.jcpenney.net

About J. C. Penney Company, Inc.

J. C. Penney Company, Inc., one of America's leading retailers, operates over 1,100 jcpenney department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com. Serving more than half of America's families each year, the jcpenney brand offers a wide array of private, exclusive and national brands which reflect the Company's vision to be America's shopping destination for discovering great styles at compelling prices. Traded as "JCP" on the New York Stock Exchange, the $17.8 billion retailer is transforming its organization to build a sustainable, profitable enterprise that serves its customers, engages its associates and rewards its shareholders. For more information, visit www.jcpenney.net.

SOURCE J. C. Penney Company, Inc.