NEW YORK (AP) — J.C. Penney’s shares are tumbling a day after the department store chain announced the sudden departure of Michael Francis, a former top Target executive brought in last October to help redefine Penney’s brand.

Penney’s terse statement Monday gave no reason for Francis’s exit. As president, he was responsible for marketing a new pricing plan that the company says replaced hundreds of sales events per year with lower prices overall as of Feb. 1. Francis also oversaw merchandising and product development and played a big role in signing up new brands as part of larger plan to transform the company under its new CEO, Ron Johnson.

Recommended Stories

JC Penney posts narrower 2Q loss, sales rise

J.C. Penney and the Golden Rule

JC Penney holiday sales improve but shares slide