Meanwhile, PayPal acquires mobile payments firm Paydient.
Michael Francis was Target’s executive vice president and chief marketing officer.
J.C. Penney Co. Inc. said today it has hired Michael R. Francis as president. His first day is Tuesday. He comes from Target Corp., where since 2008 he had worked as executive vice president and chief marketing officer.
J.C. Penney is No. 20 in the Internet Retail Top 500 Guide. Target is No. 22.
Francis reports to J.C. Penney CEO Ron Johnson. Francis will oversee merchandising, marketing, planning, product development and sourcing for the retail chain.
"I am thrilled to welcome Michael to our team," Johnson says. "He is an extremely talented executive with the vision and courage to re-imagine the department store experience. His ability to innovate and deep understanding of the industry will be invaluable as we set out to transform J.C. Penney into America's favorite store."
Francis started working for Target parent Dayton Hudson Corp. in 1990, and held several senior marketing positions before being promoted to executive vice president in 2001.