‘CEO not going anywhere’: says J.C. Penney
Northern, WI 03/14/2013 (avauncer) - J.C. Penney Company, Inc. (NYSE:JCP) clarified that its CEO Ron Johnson has no plans to resign from the company.
Ever since the U.S.-based department stores retailer announced dismal fourth quarter results and massive job cuts, CEO Johnson’s turnaround strategy has drawn strong criticism, even leading to rumors of his resignation.
The Company, however, has come out to defend its CEO saying he has no immediate plans to resign from his post.
J.C.Penney said the company typically doesn’t comment on rumors and speculation, but on the rumors of Johnson’s resignation, it took strong stand in favor of the CEO.
Chief Financial Officer Ken Hannah, defending the CEO, said the turnaround would take “a lot more patience” from investors.
J.C.Penney’s fourth quarter sales were down by 28.4% to $3.88 billion, with $552 million in net loss. For the fiscal year, it reported a huge loss of $985 million with $12.98 billion in revenue.
Shares of J.C. Penney Company, Inc. (NYSE:JCP) remained flat to close at $15.65.