Joanne Bober Joins JCPenney as General Counsel and Secretary

    Business Editors

    PLANO, Texas--(BUSINESS WIRE)--Jan. 6, 2005--Joanne Bober will join JCPenney (NYSE:JCP) as General Counsel and Secretary on February 1, reporting to Chairman and CEO Myron (Mike) Ullman. She succeeds Charlie Lotter who is retiring from the company after 33 years.
    In announcing the appointment, Ullman said, "Joanne is an accomplished, respected and experienced general counsel. She has the background, business acumen, management capability, and integrity that are critical to success in this important role. We look forward to her leadership and counsel."
    Bober joins JCPenney from The Chubb Corporation, where she served as general counsel. She had previously served as general counsel and secretary for General Signal Corporation. Prior to that, Bober led the global mergers and acquisitions practice of Jones, Day, Reavis and Pogue, holding positions in Dallas, London, and New York. She graduated Phi Beta Kappa from Washington University, and earned a J.D. from Georgetown University Law Center.
    Bober said, "It is exciting to be joining such a venerable and respected retailer, and a company known for strong values and integrity. JCPenney has made impressive progress during the past several years, and I am enthusiastic about the future of the company under Mike Ullman's leadership. I look forward to working with the JCPenney team as the company moves ahead."
    Ullman added, "I want to thank Charlie Lotter for his outstanding contributions to JCPenney during 33 years with the company. He has played a key role in JCPenney's growth, and his legacy is our highly respected legal team."
    J. C. Penney Corporation, Inc., the wholly-owned operating subsidiary of the Company, is one of America's largest department store, catalog, and e-commerce retailers, employing approximately 150,000 associates. As of Oct. 30, 2004, J. C. Penney Corporation, Inc. operated 1,020 JCPenney department stores throughout the United States and Puerto Rico, and 61 Renner department stores in Brazil. JCPenney Catalog, including e-commerce, is the nation's largest catalog merchant of general merchandise, and JCPenney.com is one of the largest apparel and home furnishings sites on the Internet. J. C. Penney Corporation, Inc. is a contributor to JCPenney Afterschool Fund, a charitable organization committed to providing children with high quality after school programs to help them reach their full potential.
    This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect the Company's current views of future events and financial performance, involve known and unknown risks and uncertainties that may cause the Company's actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, competition, consumer demand, seasonality, economic conditions, and government activity. Investors should take such risks into account when making investment decisions. In addition, non-GAAP terms referenced, if any, such as EBITDA and free cash flow, are defined and presented in the Company's 2003 Annual Report on Form 10-K.

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CONTACT: J. C. Penney Company, Inc., Plano Public Relations Carolyn Covey Morris, 972-431-4753 ccovey1@jcpenney.com or Quinton Crenshaw, 972-431-5581 qcrensha@jcpenney.com or Investor Relations Bob Johnson, 972-431-2217 rvjohnso@jcpenney.com or Ed Merritt, 972-431-8167 emerritt@jcpenney.com

KEYWORD: TEXAS INDUSTRY KEYWORD: LEGAL/LAW CONSUMER/HOUSEHOLD APPAREL/TEXTILES RETAIL MANAGEMENT CHANGES SOURCE: J. C. Penney Company, Inc.

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