Walgreens chairman joins Penney board

PLANO, Texas JCPenney today said Walgreens chairman and chief executive officer Jeff Rein has joined its board of directors, effective Dec. 9, 2008.

Penney chairman and chief executive officer Myron (Mike) Ullman III praised the 56-year-old Walgreens veteran as “a highly respected leader and a strong addition to our company’s board.

“His 27 years of solid experience in developing and executing growth strategies at Walgreens has made it a recognized leader in innovative drug store retailing and the top choice for customers,” Ullman noted. “We look forward to Jeff's contributions to our board as we focus on gaining market share within the current environment and executing our long-term plans for growth leadership in the retail industry.”

Rein will bring his retail expertise to the venerable department store giant at a critical time, as Penney struggles with a crisis on Wall Street and a sharp slowdown in consumer spending. With what is expected to be an anemic Christmas sales season just around the corner and consumer confidence in free-fall, Penney and other big-box retailers face a difficult task in the months ahead.

For his part, Rein was upbeat. “Walgreens’ and JCPenney's core principles are strongly aligned,” he said. “JCPenney has achieved notable success in recent years by implementing new and exciting strategies to build deep connections with its customers and associates. I look forward to working with the Board to build on JCPenney's growth and success over the long term.”