MarketWatch First TakeJ.C. Penney's pressure cooker
6/19/12 3:09 PM ET (MarketWatch)
An earlier version of this column misstated details of Michael Dastugue's employment. It has been corrected.
NEW YORK (MarketWatch) -- Ron Johnson, it's your time to shine.
The chief executive of J.C. Penney Co. (JCP) breezed into the job in November with an enviable pedigree: He'd cut his teeth at
In a terse statement late Monday, the troubled retailer said Michael Francis, who as president oversaw marketing and merchandising, was leaving the company, effective immediately. Johnson, in turn, would take over "direct responsibility and oversight" from Francis.
The market wasn't happy. Shares of J.C. Penney fell 10% in Tuesday trading, touching a 52-week low at one point in the session.
Francis had served as chief merchant at Target and has been praised for his clever advertising campaigns and strategic design partnerships. He's the latest executive departure at J.C. Penney, which lost Michael Dastugue as chief financial officer in April.
When Johnson took the helm at J.C. Penney, he did so with much fanfare and brimming with confidence. He didn't just promise to rejuvenate a dated retailer; he pledged to revive the merchandise, introduce more fashion, add in-store boutiques and, notably, jettison coupons and give shoppers clear, gimmick-free pricing -- essentially upending the shopping experience.
It hasn't not been a hit with J.C. Penney's core shoppers, however. Read more: J.C. Penney buckles under pressure.
Wall Street's an unforgiving place. Johnson has only been running J.C. Penney since November, and Francis was in the job for a mere eight months -- not a lot of time to make the kind of comprehensive overhaul that the company needed.
The loss of Francis doesn't reflect well on Johnson. He's got to find someone else to deliver on his vision for the company and live up to the high hopes set for him.
No pressure.
-- , commentary editor
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