J.C. Penney CEO Mike Ullman has been appointed as chair of the Dallas Federal Reserve branch, the Federal Reserve Board announced Friday in Washington. Ullman will be one of 12 chairs appointed by the board at Federal Reserve Banks around the nation in 2014. The Federal Reserve Board also appointed Renu Khator, chancellor and president of the University of Houston as the deputy chair of the Dallas Fed. Each Federal Reserve Bank has a nine-member board, and every the Fed’s board of governors appoints three of the local directors and appoints a chair and a deputy chair, according to a release from the Fed. Ullman was named interim CEO of Plano-based J.C. Penney Co. Inc. (NYSE: JCP) earlier this year after the company ousted former CEO Ron Johnson. Ullman has been leading a turnaround effort by the retailer, which suffered a $985 million in 2012 as customers rejected Johnson’s re-invention of the company as a more-upscale, no coupon retailer with a shops-inside-a-store concept.

Print Friendly