J.C. Penney President Francis Resigns

By RetailFOXBusiness

After just eight months, JC Penney (NYSE:JCP) said its president, Michael Francis, will be leaving the company, effective immediately.

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Chief executive Ron Johnson will assume direct responsibility and oversight of the company’s marketing and merchandising functions.

The retailer, which has been undergoing a major overhaul, did not say why Francis suddenly resigned, and it did not immediately respond to FOXbusiness.com for a comment.

"We thank Michael for his hard work at JC Penney and wish him the best in his future endeavors," Johnson said in a brief statement released late on Monday.

JC Penney nabbed Johnson from Target (NYSE:TGT) in October, where he was a 21-year veteran and last served as the retail chain's chief marketing officer. He was lured to JC Penney to help revamp the third-largest U.S. department-store chain shortly after Johnson was appointed as CEO.

Shares of Plano, Texas-based JC Penney were down more than 5% to $23.09 after hours. They had closed the session down 2.25% to $24.33.

So far, the retailer's highly-anticipated overhaul has largely been viewed as a flop. Last month, JC Penney reported an 18.9% drop in same-store sales.