J.C. Penney’s Shakeup Continues With More Departures
Stock Chart for JC Penney Co Inc (JCP)
J.C. Penney Co. (JCP), the retailer working to rebound after its worst sales year in more than two decades, continues to shake up management with the departure of three senior executives from its construction unit.
Michael Koch, vice president of construction, Robert Laughrea and Todd York, directors in the same unit, have left the Plano, Texas-based company, effective today, Joey Thomas, a spokesman, said in an e-mail.
Koch and Laughrea were recruited to the department-store chain by Ron Johnson, the former chief executive officer who stepped down earlier this month. Johnson, a former Apple Inc. executive, left after a failed revamp of the retailer’s stores saw 2012 sales tumble 25 percent to $13 billion, leading to a net loss of $985 million. York also joined during Johnson’s tenure.
Ben Fay, executive vice president of real estate, store design and development, has also departed, the company confirmed April 23. That came about two weeks after Johnson was replaced by Myron Ullman. Fay joined J.C. Penney a year ago from a similar role at Apple.
Ullman has brought back Tom Clerkin, a former senior vice president of property development, to advise on store renovations, according to the company.
Chief Operating Officer Michael Kramer and Chief Talent Officer Daniel Walker no longer work at the chain, J.C. Penney said in public filings earlier this month.
J.C. Penney’s shares rose as much as 11 percent in extended trading today after billionaire George Soros disclosed a passive stake in the retailer. The shares rose less than 1 percent to $15.24 at the close in New York.
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