J.C. Penney Is 'Moving Deck Chairs on Titanic,' Says Cramer

J.C. Penney announced a new CEO on Tuesday.
By Katherine Ross ,

J.C. Penney (JCP) - Get Report announced a new CEO on Tuesday night.

The retail giant, whose shares are down over 51% over the past year, has been without a CEO since May, when ex-CEO Marvin Ellison left to become the CEO of Lowe's Cos (LOW) - Get Report

The Chief Financial Officer and Executive Vice President, Jeffrey Davis, resigned in late September. 

TheStreet's Jacob Sonenshine reported on the news

The embattled department store company tapped Jill Soltau, whose appointment is effective Oct. 15. Soltau is a retail veteran, and most recently served as CEO of Jo-Ann Stores Inc., a specialty retail seller of fabrics and other household materials.

When asked about the appointment of Soltau, Cramer responded that the company is "moving deck chairs on the Titanic."

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