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Tue Jun 19, 2012, 11:07 AM


J.C. Penney Falls After Francis Leaves Amid Strategy Flop [View all]

J.C. Penney Co. (JCP) (JCP) fell the most in a month after announcing president Michael Francis was leaving in the wake of a marketing strategy that flopped with shoppers.

The retailer said in a statement yesterday that Francis stepped down after joining the Plano, Texas-based company in October. The company didn’t give a reason for his exit.

Chief Executive Officer Ron Johnson, who is taking over marketing and merchandising, is trying to remake the retailer’s image and overhaul its pricing strategy.

“The bottom line is, the marketing strategy wasn’t working,” said Bill Ackman, whose hedge fund, Pershing Square Capital Management LP, is the company’s largest shareholder. “Ron decided that he really needed to take over the marketing and advertising.”



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Reply J.C. Penney Falls After Francis Leaves Amid Strategy Flop [View all]
Purveyor Jun 2012 OP
sinkingfeeling Jun 2012 #1
RockaFowler Jun 2012 #2
NYC_SKP Jun 2012 #3
Fawke Em Jun 2012 #4
KT2000 Jun 2012 #5