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JCPenney hires new CEO

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JCPenney announced Tuesday the appointment of Jill Soltau as its next CEO.

Soltau, president and CEO of fabric and crafts retailer Joann Stores, succeeds former CEO Marvin Ellison, who left abruptly to take the reins of Lowe's.

Facing falling shares over dipping sales, JCPenney's chief financial officer and chief commercial officer also left this year.

Read more from Fortune.

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