UPDATE 1-Penney taps Coach, Apple execs to push overhaul

March 12 Mon Mar 12, 2012 4:58pm EDT

March 12 (Reuters) - J.C. Penney Co Inc hired away executives from Apple Inc and Coach Inc and promoted a number of its own executives as part of its plan to overhaul its business.

J.C. Penney, which in January announced a new pricing and merchandising strategy, said on Monday it hired Mike Fisher from Apple as senior vice president of visual presentation. He will oversee the new appearance of the chain's stores, which will each be carved up into about 100 boutiques in the next three years.

J.C. Penney Chief Executive Ron Johnson joined the retailer from Apple in November.

The retailer announced nine appointments in all. Anne Cashill, who expanded the women's accessories business at leather handbag maker Coach, will oversee top brands including Liz Claiborne, Martha Stewart and l'amour Nanette Lepore.

Penney promoted Liz Sweeney, who had been a senior general merchandise manager, to chief merchant.

J.C. Penney has largely done away with sales in favor of regular, lower prices and beginning in August, will start work on the store revamps. The chain operates about 1,100 department stores.

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