J.C. Penney (JCP) said Monday that Marvin Ellison, currently executive vice president of stores at Home Depot Inc., will become president in November and CEO next August. J.C .Penney shares (JCP) rose in premarket trading on the news.
J.C. Penney's troubles didn't end with its CEO shuffling and public feuding among board members. The beleaguered retailer lost $586 million over the past three months and posted a 12 percent revenue drop. Is the end near for J.C. Penney?
J.C. Penney's largest shareholder, William Ackman, has resigned, and the struggling company hopes it now can refocus its attention on its recovery. The move marks the end of a public back-and-forth between Ackman and J.C. Penney's leadership.
Next Federal Reserve chairman must strongly support central bank's dual mandate, president says, and right now that means boosting employment. Also this week: jobless claims rise, credit card debt falls, and drama unfolds at J.C. Penney.
JCPenney has fired CEO Ron Johnson after 17 months, following a disastrous 'no sales' pricing scheme and a muddled rebranding effort. As JCPenney struggles to curb losses and keep up with competitors, is the end near for the 111-year-old retailer?