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StumbleJ.C. Penney chief executive to retire
Thursday, May 4, 2000 | 11:13 a.m.
THE ASSOCIATED PRESS
PLANO, Texas -- J.C. Penney Co. Inc.'s chairman and chief executive announced today that he will retire from the troubled retail chain and a search for his successor has already begun.
The departure of James E. Oesterreicher comes as the Plano, Texas-based merchant struggles to fight for shoppers against its trendier rivals such as Old Navy, Kohl's and Macy's.
Oesterreicher, 58, said he will remain at the helm of the company until a successor is in place.
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