said Wednesday that it hired a new chairman and chief executive, Myron Ullman.
Ullman, a former executive at
LVMH Moet Hennessy Louis Vuitton
, will succeed Allen Questrom.
Questrom joined the company in 2000, launching major turnaround initiatives at the department store and drugstore chains, with mixed results.
J.C. Penney will hold a conference call with analysts Thursday morning to discuss the details of the succession plan. Its shares were down $1.10, or 3%, to $36.24 in after-hours trading after dipping 0.1% during Wednesday's session.