Northern, WI 04/19/2013 (indicesmedia) – J.C. Penney Company, Inc (NYSE:JCP) (Current: $15.02, Down by 0.99%) announced that two more of its executives who had been hired by Ron Johnson, the former Chief Executive Officer, have left the company. In a filing the Plano, Texas-based company said that Michael Kramer, the Chief Operating Officer and Daniel Walker, the Chief Talent Officer do not work at the retailer any longer. They both used to work with Johnson when he was in charge of the retail unit at Apple Inc (NASDAQ:AAPL) (Current: $397.44, Up by 1.41%) and had joined the JC Penney soon after he took over as CEO in 2011 November.
J.C. Penney reinstated Myron Ullman as the Chief Executive Officer after Johnson’s departure. During the latter’s tenure in the CEO post, the company’s annual sales had dropped drastically to $13 billion after a 25 percent slump. This had led to a $985 net loss for the company. So far, Ullman has trained all his energies on raising cash. He has also drawn $850 million from the company’s revolving credit-line. In addition to this, he has hired The Blackstone Group L.P (NYSE:BX) (Current: $20.09, Up by 0.49%) to help raise close to $1 billion said people in the know.
The departures of these two executives come in the footsteps of other executives who had been hired while Johnson was at the helm. Senior vice president of design, Nick Wooster and a vice-president of media in digital marketing, Sissie Twiggs had also left the company earlier. J.C. Penny said that Kramer had received $2.1 million in cash payment when he exited the company.