JC Penney president exits company

Casual Living Staff -- Casual Living, 6/19/2012 11:55:54 AM

PLANO, Texas — JC Penney president Michael Francis, who was brought in to help with the department store chain's transformation and re-branding, has left the company. No reason was given for the abrupt departure of Francis, who also oversaw merchandising and product development and had been on the job for a little over eight months. Francis joined JCP from Target.

Ron Johnson, the former Apple executive and new CEO, will assume Francis' responsibilities while the search for a successor takes place.

"We thank Michael for his hard work at JCPenney and wish him the best in his future endeavors," Johnson said. JCP stock is down more than 30% since the company announced Johnson would take over as CEO, just over a year ago.

In May, JCP gave its first earnings presentation since the retailer began its four-year plan to become "America's favorite store" by transforming its pricing, promotions and products and how those products are presented.

Earlier this month, the company announced the appointment of Paul Rutenis to senior vice president and general merchandise manager for the company's Home division, taking over the position vacated by John Tighe, who was appointed to general merchandise manager of the Men's division. Rutenis is providing leadership to Home merchandise teams and continuing Tighe's effort of re-energizing the home merchandise assortment. Rutenis joined JC Penney in April 2011 as the divisional merchandise manager of furniture and decorative accessories.