J.C. Penney Company, Inc. (NYSE:JCP) shares have been trading wildly in recent days as the market tries to predict whether or not the firm is going to survive the Winter in its current form. This morning the company revealed that one of its senior executives resigned from the company last week. Stock dropped by more than 8% in morning trading.
Citigroup Inc (NYSE:C) analyst Deborah Weinswig retains her price target of $7 on the company’s stock in a new report. Mark Sweeney, Senior Vice President and Controller, at J.C. Penney Company Inc. (NYSE:JCP) resigned from the company last week. The development represents the tenth departure of a senior executive since CEO Ron Johnson left the company in April 2013.
J.C. Penney resignation
Mark Sweeney has worked in several large corporations during his career and ended up at J.C. Penney Company, Inc. (NYSE:JCP) after a stint at General Electric Company (NYSE:GE). The 60 year old resigned from the company effective September 20, despite the fact that the resignation was only made public today.
Weinswig thinks that the transition for J.C. Penney Company, Inc. (NYSE:JCP) will be relatively easy given the transition plan released yesterday. Dennis Miller will take position as interim principal accounting officer until a replacement can be found and the company is able to find a full time replacement.
The mass exodus of executives from J.C. Penney Company, Inc. (NYSE:JCP) is one of the worst problems facing the company right now. Without managers in the correct positions, the company cannot run itself. According to Weinswig J.C. Penney is missing its Chief Technology Officer, GMM of Home, and EVP of Real Estate.
J.C. Penney wild swings
Stock in J.C. Penney Company, Inc. (NYSE:JCP) has lost about 26% of its value this week. The biggest problems for the company’s stock have been a Goldman Sachs Inc (NYSE:GS) report on the companies finances and a secondary offering designed to raise money to shore up its cash flow.
The value of the company has dropped by a large amount this week, but it may not be done yet. In a recent report Weinswig suggested that J.C. Penney Company, Inc. (NYSE:JCP) might be worth as little as $1 per share if the firm’s retail business totally collapses.