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J.C. Penney Says Company President Is Leaving

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PLANO (AP) – J.C. Penney Co. says Michael Francis, the former Target Corp. executive brought in to redefine the brand, is leaving the company.

The department store operator gave no reason for his immediate departure.

J.C. Penney hired Francis in October as president to redefine the Plano-based company’s brand and boost its sagging sales.

Francis was responsible for merchandising, marketing and product development.

J.C. Penney has hired a number of big-name executives to help transform everything about the retailer. The riskiest move was the elimination of hundreds of sales events in favor of more predictable low prices, but shoppers have not embraced the change.

Shares of J.C. Penney fell nearly 6 percent in after-hours trading Monday on the news.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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