J.C. Penney Picks Questrom Successor

Former LVMH exec Myron Ullman gets the nod.
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J.C. Penney

(JCP) - Get Report

said Wednesday that it hired a new chairman and chief executive, Myron Ullman.

Ullman, a former executive at

LVMH Moet Hennessy Louis Vuitton

(LVMH)

, 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.