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Penney puts up Brazilian stake, hires new HR chief

PLANO, Texas — J.C. Penney Company has filed paperwork with the Brazilian Securities Commission to sell all or a portion of its controlling interest in the Brazilian department store Lojas Renner S.A., as part of a primary and secondary offering of common shares of Lojas Renner S.A. The offering will be registered in Brazil.

The company offered no other information about its ownership position in the 62-store operation.

Penney also reported today that it has hired Michael Theilmann as executive vice president, chief human resources and administration officer, effective June 1. He joins Penney from Yum! Brands Inc., where he most recently was senior vice president, human resources and chief people officer of its international business. Theilmann succeeds Gary Davis, who recently announced his retirement after 41 years with the company.

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