Juicy JCPenney (JCP) Perks Cease with Johnson Exit; Several Execs to Leave
With the ousting of Ron Johnson as CEO of JCPenney (NYSE: JCP), so go perks given under his watch.
The NY Post noted today that use of company jets, corporate cars, and stays in the luxurious Ritz-Carlton have been erased at Mike Ullman returns as CEO of JCPenney, bringing back the culture of thrift that thrived before Johnson came on board.
The Post also noted that several executives lured away from Apple (Nasdaq: AAPL) like operating chief Mike Kramer, Chief Talent Officer Dan Walker, and creative chief Mike Fisher will be leaving the company. With the juicy perks also being removed, its not clear how many more will jump ship.
Earlier on the session Monday, JCPenney made an announcement that it would be drawing about $850 million from its $1.85 billion revolving credit facility as the company looks to retain "financial flexibility." Key purposes of the funds will be to complete remodeling of the home department in about 500 locations.
The announcement also drew an upgrade from Buckingham Research, which raised its rating on JCPenney to Buy today.
Shares are indicated lower in early trading.
The NY Post noted today that use of company jets, corporate cars, and stays in the luxurious Ritz-Carlton have been erased at Mike Ullman returns as CEO of JCPenney, bringing back the culture of thrift that thrived before Johnson came on board.
The Post also noted that several executives lured away from Apple (Nasdaq: AAPL) like operating chief Mike Kramer, Chief Talent Officer Dan Walker, and creative chief Mike Fisher will be leaving the company. With the juicy perks also being removed, its not clear how many more will jump ship.
Earlier on the session Monday, JCPenney made an announcement that it would be drawing about $850 million from its $1.85 billion revolving credit facility as the company looks to retain "financial flexibility." Key purposes of the funds will be to complete remodeling of the home department in about 500 locations.
The announcement also drew an upgrade from Buckingham Research, which raised its rating on JCPenney to Buy today.
Shares are indicated lower in early trading.