Deutsche Bank calls the surprise departure of J.C. Penney's (JCP -10.2%) President Michael...

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

Deutsche Bank calls the surprise departure of J.C. Penney's (JCP -10.2%) President Michael Francis a "a catastrophic blow" for the bull case in the stock, given the timing of the announcement and his short tenure. Mr. Francis was expected to play a key role in revamping the stores image and was considered vital to the store's recruitment of new brands. The firm maintains a Hold rating on the shares.