US retailer Target Corp. has announced the departure of Michael Francis, executive vice president and chief marketing officer.
Francis is leaving the company to become president of apparel retailer JC Penney.
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“We would like to thank Michael for his many contributions and wish him the best in his future endeavors” said Target chairman, president and CEO Gregg Steinhafel.
In his new role at JC Penney, Francis will be responsible for all merchandising, marketing, planning and allocation as well as product development and sourcing. He will report to incoming CEO Ron Johnson.
“He is an extremely talented executive with the vision and courage to re-imagine the department store experience,” Johnson said. “His ability to innovate and deep understanding of the industry will be invaluable as we set out to transform JC Penney into America’s favourite store.”
Francis was previously overseeing Target’s move into Canada, where it plans to open up to 135 stores in 2013.
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By GlobalData
