More executives leaving J.C. Penney Company, Inc. (NYSE:JCP) sinc CEO Johnson left – AAPL

Boston, MA 04/19/2013 (wallstreetpr) – J.C. Penney Company, Inc. (NYSE:JCP) (Current: $15.10, Down by: 0.40%) said that two more executive who were appointed by the company’s ex-Chief Executive Officer Ron Johnson have also left the Texas-headquartered department stores chain retailer.

Michael Kramer, chief operating officer, and Chief Talent Officer Daniel Walker are the executive who left J.C. Penney. Both Kramer and Walker worked with Johnson, when he led Apple Inc.’s (NASDAQ:AAPL) (Current: $397.81, Up by: 1.45%) retail division. He then joined J.C. Penney and became its CEO in November 2011.

The announcement follows other executives, including Nick Wooster, senior vice president of design and trends, and VP of media in digital marketing Sissie Twiggs, who were also hired by Johnson during his reign.

J.C. Penney’s CEO Johnson drew lot of criticism after he announced slew of job cuts in the name of restructuring and bringing profitability. His efforts instead of making the department stores retailer profitable showed adverse affects on the company’s sales, with annual revenue declining 25% to reach $13 billion and leading to $985 million in net loss. The company then replaced Johnson as CEO with Myron Ullman

The new CEO Ullman focuses on raising cash, including seeking $850 million from the company’s credit revolver and hiring Blackstone Group to help raise at least $1 billion, according to reports.

Kramer received $2.1 million as cash payment upon his exit.

J.C. Penney operates about 1,100 stores.

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Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on Wallstreetpr.com as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at nmaithya@gmail.com or follow Nicholas Kitonyi @nmaithyak on Twitter.

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