Two weeks after being passed over for the position of chairman/CEO of J.C. Penney Corp., Vanessa Castagna, the chairman/CEO of the company’s stores, catalog, and Internet division, has resigned, effective Nov. 14. She joined the Plano, TX-based cataloger/retailer in 1999.
Many observers had considered Castagna a leading candidate to replace the retiring Allen Questrom of chairman/CEO of the company. But last month Penney announced that Myron “Mike” Ullman III would be the new chairman/CEO; he joins the company Dec. 1. Unlike Castagna, Ullman has helmed corporations in the past–he was chairman/CEO of R.H. Macy & Co. during its bankruptcy, reorganization, and sale to Federated Department Stores.
Ken Hicks, president/chief operating officer of J.C. Penney Stores and Merchandise Operations, will take on Castagna’s duties until a replacement is found.