JCP Prez Exits, Tsuris Ensues

Home Textiles Today Staff -- Home Textiles Today, 6/25/2012 2:00:00 AM

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.