JC Penney Eliminates Position Of Chief Merchant; John Tighe To Leave

(RTTNews) - J. C. Penney Co. Inc. (JCP) announced an organizational restructuring aimed to streamline decision-making and promote greater agility within its merchandise buying teams.

The company has eliminated the position of chief merchant and John Tighe will be leaving the company to pursue other opportunities. Jodie Johnson, SVP and senior general merchandise manager of women's apparel, Sephora, salon, women's specialty, footwear and handbags; James Starke, SVP and senior general merchandise manager of men's apparel, children's apparel and jewelry; and Val Harris, SVP of product development and design, will be reporting to Chairman and CEO Marvin Ellison effective immediately.

Additionally, Tony Hurst, SVP and general merchandise manager of home, will have the added responsibility for custom window design and home services, as well as commercial sales, and will report to Joe McFarland, EVP of stores.

JCP closed Friday's trading session at $2.37.