At its Annual Meeting of Stockholders held, J. C. Penney Company Inc reviewed its updated objectives and financial performance expectations, all part of JCPenney's previously announced Long-Range Plan to position the Company to be a growth leader in the retail industry.
"Our 2007 to 2011 Long-Range Plan is designed to build on the strengths that differentiate JCPenney in the retail industry. We are off to a good start in implementing our new objectives as indicated by our strong first quarter earnings, and believe we are well-positioned to deliver the financial results we anticipate for the 2007 to 2011 timeframe."
"In addition, our highly-talented management team and 155,000 engaged Associates across the country are focused on executing our plans to exceed the expectations of our customers and achieve our vision to be their preferred shopping choice," said Myron E. (Mike) Ullman III, chairman and chief executive officer of JCPenney.
Stockholder Voting Results: At the meeting, Company stockholders re-elected four directors for a one-year term and ratified the appointment of KPMG LLP as independent auditor for the fiscal year ending Feb. 2, 2008.
In other business, stockholders rejected a proposal to amend the Company's vote standard in the election of directors to a majority vote standard, and approved a proposal regarding stockholder approval of certain severance agreements with senior executives. This non-binding proposal was opposed by the Company's Board of Directors.
Dividend Declaration: JCPenney's Board of Directors declared a quarterly dividend of $0.20 per share on the Company's common stock. The dividend is payable Aug. 1, 2007, to the Company's stockholders of record at the close of business on July 10, 2007.
marketing@alchempro.com
