J.C. Penney Company, Inc. (NYSE:JCP) executive vice president for design and sourcing Nick Wooster has left the company, sources familiar with the matter told the NYPost, and a J.C. Penney Company, Inc. (NYSE:JCP) spokeswoman just affirmed his departure. Wooster will be replaced by Ken Mangone who had left the struggling retailer last year.
Wooster is a popular fashion blogger and ex-fashion director of Bergdorf Goodman. His sudden rise through the ranks of J.C. Penney Co. Inc under the ousted CEO Ron Johnson had surprised everyone. Nick Wooster’s departure comes almost a week after the company’s failed CEO Ron Johnson was replaced by Mike Ullman. Mike had been the chief of J.C. Penney Company, Inc. (NYSE:JCP) for seven years before he was forced to resign in 2011.
The sources said that Nick Wooster is just another casualty of Ron Johnson’s mission to establish J.C. Penney Company, Inc. (NYSE:JCP) as a cutting-edge fashion brand. Nick was hired to overhaul the company’s men’s clothing. Sources said that Wooster used to change his mind frequently, and he would never communicate with anybody except his few favorites.
Johnson had haired many other executives as well, but most of them have left the company. The list includes chief talent officer Dan Walker, chief operating officer Mike Kramer and creative head Mike Fisher.
Billionaire hedge fund manager Bill Ackman had a lot of faith in Ron Johnson and J.C. Penney Company, Inc. (NYSE:JCP). In fact, it was Ackman’s idea to hire Johnson to revive the fortunes of the struggling company. Bill Ackman owns 39.1 million shares or about 17.8 percent stake in J.C. Penney Company, Inc. (NYSE:JCP).
However, Ron Johnson failed to meet the expectations of Ackman despite several attempts. The company posted huge losses in the fourth quarter as sales plunged 31.7 percent. Investors have lost faith in the retailer.
J.C. Penney Company, Inc. (NYSE:JCP) shares were down 3.23 percent to $14.69 at 12:56 PM EDT