J.C. Penney Co. has begun a search for a new chief marketing officer to succeed Stephen Farley, who will leave the post Nov. 30. A Penney's spokeswoman said Mr. Farley "resigned to pursue other interests." Until a successor is named, Mike Boylson, director of marketing, planning and promotions, will handle the retailer's $200 million ad budget. The spokeswoman cautioned that Mr. Farley's departure didn't indicate the retailer's account, awarded in April to DDB
Worldwide, Chicago and Dallas, would go into review. Instead, she said new Chairman-CEO Allan Questrom issued a statement expressing "appreciation for the firm's creative depth and talent." Penney's department store sales have fallen for three straight years. At a recent meeting with Wall Street investors, Mr. Questrom said "our marketing effort of late, however, has clearly worsened that trend." DDB's first campaign for Penney's broke in September and was tagged "It'sallinside." The Penney's CEO promised investors "major corrective changes in this area" starting next year.
Copyright November 2000, Crain Communications Inc.