We Didn't Get This One....

Penney begins search for next CEO

J.C. Penney Co., still in a turnaround campaign started by chief executive Allen J. Questrom, has begun looking for its next CEO.

The department store company's board of directors has hired an executive-search firm to find a successor to Questrom, whose five-year contract expires in September 2005, a spokesman said.

Penney hired the firm of Heidrick & Struggles International Inc. last month, Lyons said. He said the company has used the firm to fill other executive vacancies.

Lyons said the board asked Heidrick & Struggles to consider both inside and outside candidates. He declined to say how much Penney was paying the search firm.

Well I can tell you that the fee is probably about 25-30% of the annual total compensation. If Heidrick is true to form they will recommend an internal candidate or a former Penney exec now retired.

Right Coca Cola shareholders??

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