J.C. Penney (NYSE:JCP) shares plummeted Tuesday in the wake of the sudden departure of the retailer’s president, Michael Francis, which was announced on Monday.
Francis took over as president in October 2011 and was previously chief marketing officer at Target (NYSE:TGT).
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J.C. Penney said CEO Ron Johnson will be taking over the retail giant’s marketing and merchandising functions.
The company’s recent attempt to remake itself by moving away from coupons in favor of everyday low prices has been met with weak results. In May, the company reported a net loss of $163 million for the first quarter and announced that it would be discontinuing its dividend.
Shares of the retailer ended Tuesday’s session down 8.6% at $22.25.