J.C. Penney Falls After Francis Leaves Amid Strategy Flop

J.C. Penney Co. fell the most in a month after announcing president Michael Francis was leaving in the wake of a marketing strategy that flopped with shoppers.

J.C. Penney dropped 8.5 percent to $22.25 at the close in New York, the biggest decline since May 16, when the company reported first-quarter earnings.