Posted March 14, 2013 by David H in World

‘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.

David H

David H. Steinberg grew up in West Hartford, Connecticut, entered Yale at age 16, and earned his law degree from Duke University, where he served as editor-in-chief of the law review. After four years of entertainment law in Atlanta and New York, he abandoned his legal career to attend U.S.C.’s Peter Stark Producing Program. Steinberg broke out as a writer in 1999 with his teen comedy SLACKERS that ignited a bidding war for the script. The movie starred Devon Sawa, Jason Schwartzman, and model Jaime King and became an instant cult classic.