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JCP names Engibous chairman of board, replacing Ullman, come end of January

Plano, Texas -- JCPenney Company Inc. has appointed J. Engibous as chairman of its board of directors, effective Jan. 28.

Engibous will assume the chairman's role from Myron (Mike) Ullman III, JCP's former ceo who will step down as executive chairman.

Engibous first joined JCP's board in 1999, and served in presiding director and lead independent director roles since 2008. He is the retired chairman of Texas Instruments Incorporated (TI) - where he started in 1976 and went on to become its president and ceo from 1996 through 2004.

In addition to JCPenney, Engibous is a director of Taiwan Semiconductor Manufacturing Company Limited.

Ron Johnson, JCP's ceo, described Engibous as "deeply committed to the success of the company," and "shares our vision for the future and has been invaluable to me in my early days leading JCP. His guidance will continue to be of great help as we build JCPenney into America's favorite store."

Engibous noted that, "important work is underway at JCPenney to transform the company by delivering a new level of innovation, creativity and excitement to customers. I look forward to working closely with Ron, management and the board to help ensure the success of the company's plans and drive shareholder value."

"On behalf of the board," Engibous added, "I would like to thank Mike Ullman for his years of exceptional service to JCPenney. The changes now underway would not have been possible without his accomplishments, including a strong succession planning process. It was an honor to work with Mike, and we wish him continued success in the years to come."

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