US: JC Penney COO Kramer departs
More executives have departed JC Penney after CEO Ron Johnson was ousted just over a week ago.
Chief operating officer Michael Kramer has left the company and will receive a lump sum cash payment of US$2.1m, the company said in a SEC filing.
Kramer joined the company shortly after Johnson's appointment from Kellwood, where he has been president and CEO since 2008, overseeing brands including Scotch & Soda, Vince, Rebecca Taylor, ADAM, BLK DNM, David Meister and XOXO.
Kramer and Johnson worked together at Apple, where Kramer was CFO of Apple Retail under CEO Johnson between 2000-2005.
In a separate filing, JC Penney said Daniel Walker has resigned as chief talent officer at the department store operator.
Reports also suggest that SVP of product development, Nick Wooster, has also left the company.
The departures follow Johnson's departure last week after his costly turnaround plans failed to gain traction mid widening losses at the retailer.
Last week, Johnson was replaced by former CEO Mike Ullman after the company's losses spiralled to $985m over the year ended 29 January. Johnson was mid-way through attempts to transform the retailer, by moving to an every-day low price model, and refitting its stores with a shop-in-shop format.
The company said earlier this week that it will draw US$850m of its $1.85bn revolving credit facility and may look to raise more capital.
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