J.C. Penney Company, Inc. (NYSE:JCP) announced Monday that it has hired former Kraft Foods Group Inc (NASDAQ:KRFT) marketing executive Debra Berman as its new senior vice president of marketing. Berman has been given the responsibility to revive the struggling retail store chain’s brand. She will be reporting directly to CEO Mike Ullman, the Plano, Texas-based company said in a statement.
Berman bringing extensive experience to J.C. Penney
Debra Berman joined J.C. Penney Company, Inc. (NYSE:JCP) on August 2. She had been leading the customer engagement and global brand strategy at Kraft Foods Group Inc (NASDAQ:KRFT) since 2009. Before that, Berman worked at DBB Advertising as strategic planning director for about five years, according to Lindsey Rupp of Bloomberg.
J.C. Penney Company, Inc. (NYSE:JCP) CEO Mike Ullman said that Debra Berman has extensive experience as a marketing head for a leading consumer products company. She will help the ailing retailer reconnect with its customers through effective marketing campaigns and strategies, creating a loyal customer base for now and long-term.
J.C. Penney Company, Inc. (NYSE:JCP) is trying to regain its business after sales plummeted 25% last year. The company’s former CEO Ron Johnson, who was ousted in April this year, failed to boost sales. Johnson eliminated the discounts and promotions strategy to launch an “everyday low price” strategy, which failed miserably. After 17 months of leading the company, Johnson was finally replaced by his predecessor Mike Ullman. Many of the top marketing executives Johnson had hired during his tenure have also left J.C. Penney.
JCPenney CEO Ullman’s revival plan
Ullman is trying to shift the company’s focus once again to a discount-oriented strategy to attract customers. He has mortgaged many of the company’s assets to raise $2.25 billion loan to improve J.C. Penney Company, Inc. (NYSE:JCP)’s working capital and implement his strategies. Recently the retailer said it expects to close the second quarter with at least $1.5 billion in cash.
J.C. Penney Company, Inc. (NYSE:JCP) shares were down 2.31% to $13.95 at 12:12 PM EDT. The stock is down 25.83% this year so far.