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Questrom’s time at Penney comes to an end

PLANO , Texas — Allen Questrom, having stepped down from his leadership positions and worked with incoming chairman and CEO Myron (Mike) Ullman since Dec. 1, officially retired from JCPenney yesterday.

"Allen has led a remarkable turnaround at JCPenney, and he has been the catalyst for the successful repositioning of the company's department store and catalog/Internet business during the past four years. Allen leaves the legacy of a strong management team and solid foundation for JCPenney's growth," said Ullman.

In thanking Questrom for his service, the JCPenney Board of Directors said: "We are fortunate to have had a leader of Allen Questrom's stature at JCPenney during this important time in the company's history. Allen reinvigorated the organization, significantly improved JCPenney's customer franchise, and strengthened the company's financial position. His contribution is reflected in JCPenney's increased share price and the fourfold rise in the company's market value."

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