President Michael Francis, formerly of Target, left JCPenney after only eight months in the wake of the failed effort to update pricing, product offerings, and store formats.
JCPenney President Michael Francis Steps Down After Just 8 Months
JCPenney president Michael Francis is leaving the company, effective today.
CEO Ron Johnson will take up his responsibilities, which included marketing and merchandising.
Francis was part of the “Dream Team” Johnson brought in to replace the entire c-suite at JCPenney and turn the company around. He started at JCPenney on October 4, 2011 — about eight months ago.
Before JCPenney, Francis was in charge of Target’s marketing and was a key figure in the evolution of that brand.
JCPenney hasn’t yet provided a reason for his departure.