Michael Francis

Bank of America Merrill Lynch reiterates an Underperform rating on JC Penney (NYSE: JCP) and decreases its price target from $28 to $23. Bank of America Merrill Lynch remarks, “JCPenney announced that Michael Francis, President of JCPenney, will be leaving the company effective immediately. Chief...

Department store chain J.C. Penney (NYSE: JCP) said Tuesday that its President, Michael Francis, is leaving the company. Francis was formerly a Target (NYSE: TGT) executive, and J.C. Penney brought him in to help redefine the brand. However, the company is apparently unhappy with the results. In...