JCPenney (JCP) CEO Johnson Takes the Company Turn Around Seriously. Kind of...
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JCPenney (NYSE: JCP) CEO Ron Johnson is making a strong effort to turn around the company. However, his work habits are leaving some employees steaming.
According to the NY Post, Johnson is said to only be at the retailer's Plano, Texas, headquarters about "four days per week, if that," according to one employee.
Johnson commutes to JCPenney's headquarters via chartered jet from his Palo Alto, California, home on a weekly basis, staying at the Ritz-Carlton hotel in Texas while at work, all part of his hiring package. He also works far less than 12 hours per day many might expect when aiming to change the face of an entire company.
The habits don't stop at Johnson, however, with the Post saying that many employees at JCPenney's headquarters are starting to show up late as well. Many are one to 1.5 hours late in the morning, said one person quoted by the Post.
Could it be an all around shift in thinking for the retailer? Last week, Johnson was said to be mulling plans to layoff about 10 percent of the 3,000 employees at JCPenney's headquarters. With shares still over 50 percent lower than this time last year, it seems like investors are sharing the same sentiment.
Johnson acknowledged last week that if there were one thing he would do differently in his first year as CEO of JCPenney, it would be the pricing scheme he tried to roll out. The scheme called for everyday low prices, versus the coupon-based retail environment JCPenney built its customer base around over the last few decades. Though Johnson is now going back to some couponing, he is still adamant about keeping prices low all the time and simply showing JCPenney's prices versus MSRPs.
Into the open, JCPenney is indicated higher Monday.
According to the NY Post, Johnson is said to only be at the retailer's Plano, Texas, headquarters about "four days per week, if that," according to one employee.
Johnson commutes to JCPenney's headquarters via chartered jet from his Palo Alto, California, home on a weekly basis, staying at the Ritz-Carlton hotel in Texas while at work, all part of his hiring package. He also works far less than 12 hours per day many might expect when aiming to change the face of an entire company.
The habits don't stop at Johnson, however, with the Post saying that many employees at JCPenney's headquarters are starting to show up late as well. Many are one to 1.5 hours late in the morning, said one person quoted by the Post.
Could it be an all around shift in thinking for the retailer? Last week, Johnson was said to be mulling plans to layoff about 10 percent of the 3,000 employees at JCPenney's headquarters. With shares still over 50 percent lower than this time last year, it seems like investors are sharing the same sentiment.
Johnson acknowledged last week that if there were one thing he would do differently in his first year as CEO of JCPenney, it would be the pricing scheme he tried to roll out. The scheme called for everyday low prices, versus the coupon-based retail environment JCPenney built its customer base around over the last few decades. Though Johnson is now going back to some couponing, he is still adamant about keeping prices low all the time and simply showing JCPenney's prices versus MSRPs.
Into the open, JCPenney is indicated higher Monday.
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