Incoming Penney CEO recruits senior Target exec
(Reuters) - J.C. Penney Co Inc's (JCP.N) incoming boss has lured a senior executive from Target Corp (TGT.N) as he assembles his team before taking the reins of the department store chain next month.
Ron Johnson, a former Apple Inc (AAPL.O) executive who built up its popular chain of stores, recruited Michael Francis, Target's marketing chief since 2008.
Francis, 48, will become Penney's president on Tuesday and will be responsible for merchandising, marketing, planning and allocation, and product development and sourcing. He will report to Johnson, Penney said on Monday.
Francis most recently oversaw Target's expansion into Canada, the discount chain's first international foray. He was working in the marketing division of Marshall Field's in 1990 when that department store group was bought by Target. In 2001, he became Target's executive vice president for marketing.
Johnson was named CEO in June and starts on November 1. He succeeds Myron Ullman, who has been boss since 2004.
Target shares were down 1.7 percent, whole Penney shares slipped 0.9 percent in afternoon trading on the New York Stock Exchange.
(Reporting by Phil Wahba in New York; editing by John Wallace and Maureen Bavdek)