Boston, MA 04/19/2013 (wallstreetpr) – J.C. Penney Company, Inc. (NYSE:JCP) (Closed: $15.16, Up by 2.64%) announced the quitting of their current operations chief Michael Kramer. This news came at the heels of Daniel Walker’s decision to leave. He was the Talent Head for the company until recently. Spokesperson from J.C. Penny confirmed the reports and said that two more of their executives hired by Ron Johnson, the former CEO have left their concern.
Both of these executives joined Plano based J.C. Penny, in Texas after Johnson became CEO in 2011. Earlier these two used to work with the ex-chief of the retail unit of Apple Inc. The replacement decision of Johnson occurred when the sales of this department-store chain slumped to an alarming 25% rate of USD$13BB. His predecessor Myron Ullman succeeded him. This was the company’s obvious bid to make a comeback after a staggering $985 million in net losses.
Ullman has been working steadily to build up the company finances since reoccupying his position. His focus is on raising the much-needed cash. This is progressing through the implementation of varied strategy including hiring LP Blackstone Group to raise approximately one billion dollars, and using the revolving company credit for drawing at least $850 million additionally.
Quitting of Walker and Kramer are not isolated instances. These departures are in keeping with the quitting of other executives from Johnson era. It includes senior VP trends and design Nick Wooster and VP media Sissie Twiggs in digital marketing department.
According to company clarifications, Kramer left the company after having received close to $2.2 million as exit compensations.
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