Reuters: Global Markets: J.C. Penney shares shoot up on talk CEO may leave

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J.C. Penney shares shoot up on talk CEO may leave Mar 12th 2013, 19:47 Tweet Share this Email Print Related News UPDATE 1-Citi, Oppenheimer cut ratings on J.C. Penney stock Wed, Mar 6 2013 Martha Stewart defends J.C. Penney deal in Macy's trial Tue, Mar 5 2013 J.C. Penney CEO Johnson seen having six months to fix troubles Thu, Feb 28 2013 Sears tops estimates; some skeptical about turnaround Thu, Feb 28 2013 Kohl's forecasts weak profit, to spend more on advertising, IT Thu, Feb 28 2013 Analysis & Opinion Congress's friendly skies, and battle of the dumb lawyers Obama’s 'war on inequality' Related Topics Hot Stocks » Asian Markets » A JC Penny department store sign is shown in Oceanside, California, November 5, 2012. Credit: Reuters/Mike Blake Tue Mar 12, 2013 3:47pm EDT (Reuters) - J.C. Penney Co Inc (JCP.N) shares rose 5 percent on Tuesday amid talk the department store chain's Chief Executive Ron Johnson might step down soon after poor annual results. A company representative said there was no basis to market rumors that Johnson might resign. Penney, in the midst of a radical transformation engineered by Johnson, saw sales fall 25 percent last fiscal year after it largely stopped using coupons and sales events. There have been many calls for Johnson's dismissal, including one from former Penney CEO Allen Questrom. But some said a departure now by Johnson could harm Penney as it gears up to unveil 30 new boutiques this year, including one for the trendy Joe Fresh clothing brand this week, at 700 of its stores. The shops are part of Johnson's multi-year plan to carve stores into collections of branded boutiques offering trendy but affordable merchandise. Michael Graves and Jonathan Adler are among the designers set to open shops at Penney stores this spring. "It would be disruptive - nothing would change tomorrow," Morningstar analyst Paul Swinand told Reuters. "Vendors have lined up for the Johnson program." A source told Reuters last week that the board was prepared to give Johnson another six months, enough time to gauge progess at Joe Fresh and Penney's new home section, to be launched in May, before any possible move to remove it. (Reporting by Phil Wahba in New York; Editing by David Gregorio) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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