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J.C. Penney raises hopes with new ceo Monday, 22nd August 2011
It is thought confidence in the retailer is likely to improve as J.C. Penney gears up for a new ceo in November.
According to trade analysts, Ron Johnston, who is set to become ceo of the Texan company on 1 November, is thought to be likely to improve J.C. Penney’s revenue and profits.
In a client note filed Monday, Deborah Weinswig of Citi Investment Research stated:
"Moreover, Mr. Johnson's long-term commitment to the success of J.C. Penney, as demonstrated through his $50 million investment in 7.5-year warrants, may have increased Pershing Square's confidence in its investment," she wrote.
Apart from the impact of Johnston's arrival, J.C. Penney stock is currently down 22 per cent on last month’s figures.