What: Marc Rosen has been named the new CEO of JCPenney.

Why it is important: The decision is a big step forward in establishing stability for the retailer that has been through a volatile past few years.

Marc Rosen has been named as the new CEO of JCPenney, and Stanley Shashoua, who has been the intern CEO since January, has been appointed executive chairman.

Rosen was most recently executive VP and president of Levi Strauss Americas and was responsible for leading the company’s global e-commerce and retail businesses, including 3,000 stores. Before this, he spent 14 years at Walmart in a variety of senior leadership functions, ultimately serving as senior VP of global e-commerce. He began his career at Ernst & Young, providing strategic retail advisory services.

JCPenney names Marc Rosen CEO, Shashoua is executive chairman