J.C. Penney Falling on Executive Departure

Struggling retailer J.C. Penney

announced after the market close on Monday that its President Michael Francis is leaving the company. Chief Executive Officer Ron Johnson will assume direct responsibility and oversight of the company's marketing and merchandising functions. Johnson said, "We thank Michael for his hard work at jcpenney and wish him the best in his future endeavors." J.C. Penney recently embarked on a significant restructuring of its promotional and sales strategy under Johnson, a former Apple

executive. In Monday's after hours trading session, JCP shares were trading down roughly 5% on the news.