A former Target marketing executive, hired last October to turn around old-line discount retailer JC Penney’s, was fired this week. Michael Francis had been a successful marketing executive at Target and came to Penney’s amid great expectations.
As president he was “responsible for merchandising, marketing, planning and allocation, product development and sourcing,” according to Natalie Zmuda in Ad Age. Reports in the business press put Francis’ earnings at more than $15 million, or nearly $2 million for each month of his short, unsuccessful tenure.
The retailer reported larger losses than expected this year and the stock was down 27% since May. After the unexpected departure, Penney’s stock fell another 8% this week.