President exits abruptly from J.C. Penney Co.

CHICAGO — Department store chain J.C. Penney Co. reported Monday that President Michael Francis, the former Target Corp. executive brought in to help redefine the brand, is leaving. Mr. Francis, 49, was responsible for marketing and merchandising.

The store gave no reason for his immediate departure.

Just weeks ago, the firm said it had a worse-than-expected 18.9 percent first-quarter drop in sales at stores open at least a year as it adopted everyday prices rather than discounts.