JCP Prez Exits, Tsuris Ensues
Home & Textiles Today Staff -- Home Textiles Today, July 31, 2012
After last week's announcement that JCPenney president Michael Francis was leaving the company after less than nine months on the job, Wall Street brayed, its stock took a hit and ceo Ron Johnson said he will oversee marketing himself for the time being.
Johnson told Women's Wear Daily the company will not seek a successor to Francis in the immediate term. He also offered an explanation for Francis' departure.
"My job as ceo is to really take responsibility for everything. I felt compelled to dive in and help with the new strategy. Michael and I both concluded we didn't need two hands on the same steering wheel. The marketing I largely left to him. The fact that it hasn't resonated [meant] I had to get involved," he told WWD.
The decision to part ways was mutual, he said.
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