J.C. Penney COO Kramer Exits Ailing Retailer

By Business Leaders FOXBusiness

Reuters

(Reuters)

Embattled retailer J.C. Penney (JCP) divulged in a securities filing late Thursday its chief operating officer, Michael Kramer, left the company Wednesday.

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Kramer's exit comes amid a stream of high-profile departures, including the firing of former chief Ron Johnson, who was replaced earlier this month by Mike Ullman – Penney’s chief from 2004 to November 2011.

Kramer received a lump sum cash payment of $2.14 million when he left the company, according to filings with the Securities and Exchange Commission.

Shares of Penney barely reacted to the news in extended trade Thursday, but are down 8% over the last month thanks to management headaches and troubled turnaround.

Penney in an e-mailed statement thanked Kramer for his "contributions to the company" and wished him "well in his future endeavors." 

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While the retailer wouldn't say why Kramer exited, Johnson was let go earlier this month after his turnaround tactics failed to gain traction. 

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