J.C. Penney Searching for New Chief Merchant

J.C. Penney Co. is looking for a new chief merchant, people familiar with the situation said.

The executive would succeed Elizabeth H. Sweney, who has held the retailer's top merchandising job since early 2012.

It isn't clear whether the retailer has picked a successor yet, nor whether the newcomer would come from outside Penney. But the company expects an announcement early Wednesday morning that "does relate to the chief merchant role," one person familiar with the matter said. This person declined further comment.

Ms. Sweney, 61 years old, was unavailable for comment on Tuesday.

Marvin Ellison, who took the helm of Penney on Aug. 1, has been recruiting a new merchant and approached some retail-industry veterans, another person familiar with the matter said earlier this week. Mr. Ellison wants someone with extensive merchandising experience, partly because he lacks that, this person added.

Finding a new chief merchant is at the top of Mr. Ellison's mind, a third person familiar with the matter said.

Penney would be the latest in a series of retailers to change chief merchants or redefine the role, as technology changes the industry. The chief merchant is often the No. 2 executive in the chain of command and tasked with picking the right items to fill stores.

Mr. Ellison inherited Penney's top job from Mike Ullman, who was brought back from retirement after the department store chain struggled with slumping sales and deep losses. Mr. Ellison joined Penney in November but spent several months transitioning into the corner office. He previously had been an executive at Home Depot Inc. and Target Corp., where he was known for his strong operational skills.

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September 22, 2015 23:35 ET (03:35 GMT)

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