New owners of American department stores giant JC Penney Co, Simon Property Group and Brookfield Asset Management, along with strategic partner Authentic Brands Group, have begun to search for a new chief executive officer to replace Jill Soltau. Soltau, who joined the retailer around two years ago, and will leave the company now. The owners will seek to identify a leader that is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JC Penney.

With a successful track record of turning around retailers and brands and restoring them to profitability, JC Penney’s new ownership group will establish a temporary office of the CEO to include key member of the current leadership team.

Stanley Shashoua, Simon Property’s Chief Investment Officer, will be appointed interim CEO from January 1. J. C. Penney Company is an American department store chain with 840 locations in 49 US states and Puerto Rico. In addition to selling conventional merchandise, JCPenney offers large Fine Jewelry departments, The Salon by InStyle, and Sephora inside JCPenney.