JC Penney Adds New CTO & COO, Effective by End of 2011

According to a research report published by Citigroup on JC Penney

, the company has announced that Dan Walker will be joining the company as Chief Talent Officer (effective 11/16) and Mike Kramer will join as Chief Operating Officer (effective 12/5). In the report, Citigroup writes, "At JCP, Dan Walker will be in charge of all HR functions, while Mike Kramer will be responsible for Finance, Investor Relations, Corporate Strategy, and Information Technology. Both executives will report directly to Ron Johnson. We had expected Mr. Johnson to leverage his Rolodex to bring top talent to JCP, and we believe that Mr. Walker and Mr. Kramer will be strong additions to JCP's executive team. We are impressed with Mr. Johnson's immediate focus on reinvigorating the executive team, and expect Mr. Walker and Mr. Kramer to bring fresh and innovative perspectives to the company." Citigroup maintains its Buy rating and $40 price target on JC Penney, which is currently trading down $0.44 from yesterday's $33.92 closing price.