J.C. Penney chairman to step down, successor named

Thomas Engibous

GAUTAM SINGH

PLANO, Texas -- J.C. Penney Co. said Tuesday that Myron E. Ullman III is stepping down as chairman and will be replaced by board member Thomas Engibous on Jan. 28. The move comes after the department store had a disappointing holiday season.

Engibous is a former CEO of Texas Instruments. He has been a Penney board member since 1999. Penney's revenue at stores open at least a year rose 0.3 percent in December, missing expectations. The retailer expects to lose money in the fourth quarter.