J.C. Penney Operating Chief Joins Talent Head in Leaving
J.C. Penney Co. (JCP) said two more executives who were hired by former Chief Executive Officer Ron Johnson have left the company.
Chief Operating Officer Michael Kramer and Chief Talent Officer Daniel Walker no longer work at the retailer, Plano, Texas-based J.C. Penney said yesterday in public filings. The two 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 replaced Johnson as CEO on April 8 with his predecessor, Myron Ullman, after annual sales slumped 25 percent to $13 billion, leading to a net loss of $985 million. Ullman has so far focused on raising cash, including drawing $850 million from the company’s credit revolver and hiring Blackstone Group LP to help raise at least $1 billion, people familiar with the situation said last week.
The departures follow those of other executives hired during Johnson’s reign leaving the company, including Nick Wooster, senior vice president of design and trends, and Sissie Twiggs, a vice president of media in digital marketing.
Kramer received a cash payment of $2.1 million upon his exit, the company said.
J.C. Penney rose 2.6 percent to $15.16 yesterday in New York. The shares have dropped 23 percent this year, compared with an 8.1 percent rise for the Standard & Poor’s 500 Index.
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