Kramer out as JCP COO

J.C. Penney late Thursday announced that chief operating officer Michael W. Kramer had left the company.

His departure was disclosed in an 8-K filing with the Securities and Exchange Commission. In connection with Kramer’s departure, he received a lump sum cash payment of $2,143,414. In addition, the company also disclosed that Daniel Walker had resigned as the company’s chief talent officer.

Their departures follow the resignation CEO Ron Johnson just two weeks ago and the appointment of former J.C. Penney CEO Myron Ullman as his replacement.

Kramer joined the company in the fall of 2011 as COO with responsibility for finance, investor relations, corporate strategy, and information technology and he reported directly to Johnson.

Prior to J.C. Penney, Kramer had served as president and CEO of fashion house Kellwood Company.


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