J.C. Penney Denies Report of More Executive Departures
J.C. Penney Co. (JCP) denied a New York Post report that three top executives quit yesterday, two days after the board ousted Chief Executive Officer Ron Johnson.
Chief Operating Officer Michael Kramer, Chief Creative Officer Michael Fisher and Chief Talent Officer Daniel Walker are still employed by the company, Daphne Avila, a J.C. Penney spokeswoman, said in an e-mail today. The Post said yesterday that they had left, citing people it didn’t name. The three worked with Johnson when he ran Apple Inc. (AAPL)’s retail unit and joined the department-store chain after he became its CEO in November 2011.
J.C. Penney, the third-largest U.S. department-store chain, removed Johnson after his pricing and merchandising strategies caused a 25 percent sales drop and a $985 million net loss last year. Johnson was replaced by Myron E. Ullman III, the CEO he succeeded about 17 months ago, after being tapped by activist investor William Ackman, the retailer’s largest investor.
J.C. Penney rose 4.2 percent to $14.68 at 1:30 p.m. in New York. At that price, the Plano, Texas-based company’s shares have declined 7.5 percent since the CEO change was announced.
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