Wednesday, June 20, 2012
Penney plunges after abrupt departure of top executive
Shares of J.C. Penney Co Inc fell 11 percent on Tuesday after its president abruptly left the department store operator following a botched advertising campaign that was the linchpin of the 110-year old chain's turnaround plans. Photo AFP/Getty Images/File, Spencer PlattThe retailer said on Monday that Michael Francis, a key member of the "dream team" it assembled to transform the company's image, m e rchandising and pricing, was leaving just months after he joined from Target Corp. The
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