PLANO, Texas–Thomas J. Engibous will become chairman of the J.C. Penney Company’s board of directors on Jan. 28.
Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. He will assume the chairman’s role from Myron E. (Mike) Ullman, III, J.C. Penney’s former chief executive officer, who will step down as executive chairman.
Ron Johnson, chief executive officer of J.C. Penney, said, “Tom is deeply committed to the success of the company, 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.”
“Important work is underway at J.C. Penney to transform the company by delivering a new level of innovation, creativity and excitement to customers,” Engibous said. “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.”
Engibous also thanked Ullman for his years of service to J.C. Penney. “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.”
Engibous is the retired chairman of Texas Instruments Incorporated. He served as its president and CEO from 1996 through 2004, having joined TI in 1976. In addition to J.C. Penney, Engibous is a director of Taiwan Semiconductor Manufacturing Company Limited.