House Cleaning of JC Penney Cuts 2 More Executives

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Mary Altaffer

J.C. Penney says two top executives, Michael Kramer, chief operating officer, and Dan Walker, chief talent officer, have left the company.

Kramer and Walker were among several executives hired in November 2011 by Penney's former CEO Ron Johnson. Johnson was ousted April 8 after his plans to reinvent the chain led to disastrous results.

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The departures are the latest personnel changes that Penney's new CEO Mike Ullman, who had been Johnson's predecessor, is making as he cleans house.

According to a filing with the Securities and Exchange Commission, Kramer will receive a cash payment of $2.1 million.

Penney lost nearly a billion dollars and saw its revenue drop by 25 percent for the year ended Feb. 2.