Soltau and her team over the past three years woke Joann up from 75 years of mostly successful retailing that had eased into something of a slumber. The retailer's new concept stores, in-store tech, targeted purchase programs and digital moves are all geared to an era when crafters of all ages are embracing a maker movement — and the company had been in danger of missing out. "Joann has evolved from a slightly old-fashioned fabric store to a modern store selling a whole range of crafting products and solutions," GlobalData Retail Managing Director Neil Saunders told Retail Dive in an email last year, crediting Soltau's leadership. The company apparently sees no reason to depart from that shift now in her absence. John Yoon, Principal at private equity owner Leonard Green & Partners, said in a statement, "We determined that Wade was the best fit to lead JOANN, as he embraced the CEO role and earned the trust of the organization. Wade's strategic vision, differentiated thinking, and open communication style are [benefiting] the culture and results at JOANN and make him an excellent leader for the company."
HUDSON, Ohio--(BUSINESS WIRE)--JOANN Stores, the nation’s leading fabric and craft specialty retailer, announced today that Jill Soltau will resign as President & CEO, effective immediately, to pursue an outside opportunity. Wade Miquelon, Executive Vice President and Chief Financial Officer, will serve as Interim President and Chief Executive Officer, while continuing in his current role as EVP and CFO, until the Board of Directors concludes an executive search process. “On behalf of the Board of Directors, I want to thank Jill for her leadership and vision to achieve sustained, profitable growth during her tenure at JOANN, and wish her the best in her future endeavors. I am also glad to announce Wade Miquelon as Interim President and CEO, and am confident that he will lead the Company as it continues to execute its strategic growth goals,” said John Yoon, Principal, Leonard Green & Partners, L.P. Miquelon joined JOANN as Executive Vice President and Chief Financial Officer in March 2016 and partnered with Soltau to advance a strategic growth plan that includes revitalized branding, refreshed merchandising strategy, expanded digital capabilities, and customer-focused storefront innovation. Previously, Miquelon was Executive Vice President, CFO and President of International at The Walgreen Company, where he oversaw strategy, mergers and acquisitions, business development, market planning, and risk management. JOANN has been privately-owned since its acquisition by affiliates of Leonard Green & Partners, L.P. in 2011. ABOUT JOANN For 75 years, JOANN has inspired creativity in the hearts, hands, and minds of its customers. From a single storefront in Cleveland, Ohio, the nation’s leading fabric and craft retailer has grown to include more than 865 stores across 49 states and an industry-leading e-commerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single stop for all of the supplies, guidance, and inspiration needed to achieve any project or passion. For store locations, project ideas, and a full product offering, visit joann.com. ABOUT LEONARD GREEN & PARTNERS, L.P. Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989 and based in Los Angeles. LGP partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com. CLEVELAND, Ohio -- Jill Soltau has resigned as president and CEO of Hudson-based JoAnn Stores to become the new leader of J.C. Penney Co, according to both companies' announcements. JoAnn reported in a news release Tuesday that Soltau is leaving "to pursue an outside opportunity," while Plano, Texas, based retailer J.C. Penney confirmed that she's taking the helm of the struggling department store chain. She takes over as CEO on Oct. 15. J.C. Penney has been leaderless since Marvin Ellison left in May to take the top job at Lowe's. Soltau, 51, will be the 25th woman currently leading a Fortune 500 company, according to Fortune magazine. She will become Penney's fifth chief executive in the past decade. "On behalf of the Board of Directors, I want to thank Jill for her leadership and vision to achieve sustained, profitable growth during her tenure at JoAnn, and wish her the best in her future endeavors. I am also glad to announce Wade Miquelon as interim president and CEO, and am confident that he will lead the company as it continues to execute its strategic growth goals," John Yoon, principal at Leonard Green & Partners, said in a statement. Miquelon joined JoAnn as executive vice president and chief financial officer in March 2016 and partnered with Soltau to advance a strategic growth plan that includes revitalized branding, refreshed merchandising strategy, expanded digital capabilities, and customer-focused storefront innovation. Previously, he was executive vice president, CFO and president of International at The Walgreen Co., where he oversaw strategy, mergers and acquisitions, business development, market planning, and risk management. According to documents filed with the Securities and Exchange Commission, Soltau will receive a one-time cash bonus from Penney for $6 million. Her base annual salary there will be $1.4 million, according to the Wall Street Journal.
J.C. Penney (JCP)has at long lost found the executive it hopes will lead it out of its abyss: Jill Soltau, president and CEO of fabric and crafts retailer Joann Stores. The appointment, announced on Tuesday and effective mid-October, comes nearly four months after former CEO Marvin Ellison abruptly left the company to take the reins of home improvement chain Lowe’s (LOW). Since then, Penney, whose shares have plummeted this year on concerns about its paltry sales growth in a strong consumer environment, has contended with more turmoil in its c-suite, with its chief commercial officer and chief financial officer also bolting. Penney has struggled to get people interested in its women’s apparel and has repeatedly changed the customer segment it is going after, leading to middling results. Ellison, a long time Home Depot executive regarded for his supply chain expertise, struggled to improve Penney’s inventory management. With Sears closing stores and bleeding sales, many investors were disappointed Penney was not picking up much business. Ellison was also not helped by Penney’s crippling debt load that left it less nimble than rivals such as Macy’s and Kohl’s. Comparable sales in the first half of fiscal 2018 have risen an anemic 0.2% despite a red-hot spending environment and the shuttering of many weak stores in the last two years. It became clear that with so many merchandise misfires, Penney’s next CEO had to be someone who could focus Penney on what it should sell and not just focus on logistics and supply chain, however important those are. “Not only is she an established CEO and former chief merchant, her depth of experience in product development, marketing, e-commerce and store operations have been an important basis for the turnaround work she spearheaded at prior companies,” said Paul Brown, a Penney director and chairman of the search committee. Ellison became CEO in 2015 after spending a year with his predecessor Mike Ullman to learn the ropes. Ullman himself had been brought back as CEO in 2013 to prevent the company from going under in the wake of a disastrous efforts under yet another CEO, Ron Johnson, in 2012 to modernize Penney into a hip retailer that eschewed discounting. Soltau’s appointment will bring the number of women CEO’s in the Fortune 500 up to 25, though that remains far from the 32 number in mid-2017. She has not shied away from wading into controversial topics, being outspoken in August in her criticism of the Trump Administration‘s proposed tariffs on Chinese goods. |