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J.C. Penney Brings Back Veteran Ken Mangone

J.C. Penney Brings Back Veteran Mangone Who Left Under Johnson
J.C. Penney Co. dropped 3.1 percent to $14.72 at 12:22 p.m. in New York. Photographer: Victor J. Blue/Bloomberg

April 17 (Bloomberg) -- J.C. Penney Co. rehired Ken Mangone to head product design as Chief Executive Officer Myron Ullman works to stabilize the plunging sales caused by Ron Johnson’s failed overhaul of the department-store chain.

Mangone is returning as executive vice president of product development, design and sourcing, Daphne Avila, a spokeswoman, said in an e-mail. Mangone left Plano, Texas-based J.C. Penney in December having been at the company since 1999, according to his profile on Linkedin.

J.C. Penney ousted Johnson as CEO on April 8 and replaced him with his predecessor Ullman after annual sales slumped 25 percent to $13 billion, leading to a net loss of $985 million. So far Ullman has been focused on the company’s balance sheet. The retailer borrowed $850 million from its credit revolver and hired Blackstone Group LP to help raise at least $1 billion, people familiar with the situation said last week.

Meanwhile Nick Wooster, senior vice president of design and trends, has left the company, Avila said.

J.C. Penney dropped 2.8 percent to $14.77 at the close in New York. The shares have declined 25 percent this year, compared to an 8.8 percent gain for the Standard & Poor’s 500 Index.

The New York Post earlier reported the changes.

To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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