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J. C. Penney president steps down
By Bill Conrad, bconrad@starlocalnews.com
Nine months into his tenure, J.C. Penney CEO Ron Johnson is once again tasked with hiring a new president for the Plano-based retail giant.
Michael Francis was named the company's president in October. During his stint at J.C. Penney, he was responsible for merchandising and marketing, responsibilities which will now be handled by Johnson.
"We thank Michael for his hard work at jcpenney and wish him the best in his future endeavors," Johnson said in a statement released Monday.
The multi-year turnaround planned by Johnson has gotten off to a slow start, a fact he acknowledged in May when the company reported that same store sales fell nearly 19 percent during the first quarter of 2012. The company's stock plunged the day after the May announcement, dropping $6.57 -- or nearly 20 percent -- to close at $26.75.
Since the initial drop, the stock has continued to fall. On Monday, the stock closed at $24.33. The announcement that Francis leaving came after the markets closed, but the company's stock has dropped another $1.33 in after-hours trading and sat at $23 as of 4:45 p.m. CST. As recently as Feb. 9, the stock was priced at more than $43.
The following are comments from the readers.
In no way do they represent the view of Starlocalnews.com
In no way do they represent the view of Starlocalnews.com
GladysKravits wrote on Jun 19, 2012 6:04 AM:
" Michael Francis failed in the turnaround because he insisted that Ellen DeGeneres be the company spokesman. Customers complaining about this shrill lesbian were ignored, and voted with their pocketbooks in kind. Guess those with normal values won and Michael Francis is out on the street. Why is it so difficult for some to comprehend the fact that most people reject gay and lesbian lifestyles regardless of the media propaganda. These deviates have always been rejected by all cultures throughout history and always will be. All the political correctness in the world will never change the visual reaction. "
grw wrote on Jun 20, 2012 3:21 PM:
" The recent homosexual ad in the June catalog is another reason why I have stopped shopping at JC Penney's and will tell everyone I know to not support this store anymore. The "Golden
Rule" that Mr. Penney founded this store on was to treat customers fair and with respect but that does not mean to support a lifestyle of homosexuality, which he CLEARLY would not have been in support of since he was a born again Christian. Shame on you and everyone at your store for supporting this ad. You will answer for this now, and afterwards. Keep your personal lifestyle choices to yourself and not as part of your ad's, which the founder would have never agreed to. Not supporting this lifestyle does not mean to be mean and unfair, but it does not mean giving into a lifestyle and placing ads that clearly send a message of supporting this sin, which it is. Get your bible out and refresh your memory if you don't believe me. How sad for you that you cannot see how wrong this is. I hope you will pray for wisdom in this area as I will also do for you. "
Rule" that Mr. Penney founded this store on was to treat customers fair and with respect but that does not mean to support a lifestyle of homosexuality, which he CLEARLY would not have been in support of since he was a born again Christian. Shame on you and everyone at your store for supporting this ad. You will answer for this now, and afterwards. Keep your personal lifestyle choices to yourself and not as part of your ad's, which the founder would have never agreed to. Not supporting this lifestyle does not mean to be mean and unfair, but it does not mean giving into a lifestyle and placing ads that clearly send a message of supporting this sin, which it is. Get your bible out and refresh your memory if you don't believe me. How sad for you that you cannot see how wrong this is. I hope you will pray for wisdom in this area as I will also do for you. "
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