JC Penney announces new CEO
PLANO, Texas : J.C. Penney Company Inc. on Tuesday announced the appointment of Jill Soltau as chief executive officer and a member of the board of directors, effective Oct. 15.
Soltau is a 30-year retail veteran who most recently served as president and CEO of Joann Stores, the nation’s largest fabric and crafts retailer, after serving as president of Shopko Stores.
“Jill stood out from the start among an incredibly strong slate of candidates,” said Paul J. Brown, JCPenney board director and chairman of the search committee.
Fed unlikely to alter interest rate plan
Federal Reserve Chairman Jerome Powell said Tuesday that he sees no need to drop the central bank’s current gradual approach to raising interest rates.
Powell said the combination of steady, low inflation and very low unemployment shows the country is going through “extraordinary times.”
The central bank is trying to make sure it doesn’t raise rates too quickly and push the country into a recession, or move too slowly and set off higher inflation, he told the annual conference of the National Association of Business Economics.
Local Pizza Hut HQ going up for sale
Pizza Hut of Fort Wayne plans to sell its corporate headquarters at 7100 W. Jefferson Blvd.
The building has over 23,000 square feet and sits on a 17-acre plot.
It was designed by Florida architects Charlan Brock Associates to evoke a grand British country home and constructed in 1989.
Pizza Hut of Fort Wayne President Todd Hollman said in a statement the building’s purpose of entertaining community members, its large footprint and the many closed rooms no longer suit the company’s vision for the future.
City Exchange to renovate for space
The City Exchange has announced it will remodel to create larger stores in its current location at 127 W. Wayne St. in downtown Fort Wayne.
“Downtown has changed a lot since we’ve opened,” City Exchange owner Melissa Glaze said in a news release. “Back then, having nine small stores made sense. But now that downtown living is becoming more popular and The City Exchange has matured, we think it’s time to respond by reconfiguring our space to create four larger stores.”
Remodeling will begin in late 2018 or early 2019. Jack Ellsworth, general manager, declined to say how much would be invested in remodeling. The City Exchange will remain open during the process.
Suspended Audi CEO leaving company
Suspended Audi CEO Rupert Stadler is leaving the automaker, parent company Volkswagen said Tuesday, more than three months after he was arrested as part of a probe into the manipulation of diesel emissions controls.
Volkswagen said its supervisory board approved an agreement with Stadler that will see him leave with immediate effect. It said in a statement that Stadler was unable to fulfill his duties as a board member because of his continuing detention and that he wants “to concentrate on his defense.”
The company added that the settlement of contractual details “depends on the course and outcome of the criminal proceedings.”