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• JC Penney announced that it has hired Michael Francis, the chief marketing officer at Target, to be its new president.

This is the second high-profile hire by JC Penney, who recently hired Ron Johnson - who most recently ran Apple’s retail business, but before that was vice president of merchandising at Target - to be its new CEO.

The Wall Street Journal suggests that JC Penney’s interest in former Target executives may offer a hit about the direction the company plans to take.
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