JCP ousts Kramer, brings back Mangone
David Perry -- Furniture Today, April 19, 2013
Plano, Texas -- On the heels of the exit of former ceo Ron Johnson, JCPenney has sent packing another high-profile executive - coo Michael Kramer.
JCP's former chief of product design, Ken Mangone has been rehired as executive vp of product development, design and sourcing. He had left the company in December.
According to several news reports and a filing with the Securities and Exchange Commission late Thursday, Kramer left the company on Wednesday and received a lump sum cash payment of $2.14 million. Additionally, in a separate filing, the company states chief talent officer Daniel Walker has "voluntarily resigned" from his post.
Kramer had been JCP's coo since Dec. 5, 2011, and served as an interim cfo from April 13 to May 7, 2012.
His departure comes about a week after JCP ousted Johnson and replaced him with Mike Ullman, who served as the company's chief from 2004 to November 2011.
Both Kramer and Walker were hired to their JCP posts by Johnson.
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