Former CEO says Penney needs a merchant in the top job
May 25, 2018
Former J.C. Penney CEO Allen Questrom thinks it’s time for the department store retailer to find a new leader with the skills to drive top line growth. Penney’s current CEO, Marvin Ellison, unexpectedly announced this week that he will be leaving in July to join Lowe’s. Mr. Ellison has had some success paying down Penney’s debt and improving its supply chain efficiency, but has not been able to substantially raise revenues. The company’s share price has fallen 50 percent over the past year.
Recent News
Trader Joe’s Recalls Organic Basil Product Linked to Salmonella Outbreak
The company’s Infinite Herbs Organic Basil product is recalled due to a possible salmonella contamination.
Procter & Gamble Reports Mixed Results After Price Hikes
Procter & Gamble’s recent quarterly results showed a mix of gains and setbacks. Despite facing challenges in attracting shoppers due to increased prices over the past two years, the company managed to exceed earnings expectations.
JetBlue and Southwest Airlines Collision Narrowly Avoided at Reagan National Airport
An air traffic controller instructed one plane to cross the runway at the same time a second plane was taking off.
Apple Removes WhatsApp and Threads From China App Store
Apple has taken down WhatsApp and Threads from its app store in China due to an order from the country’s internet regulator over national security concerns.