President of J.C. Penney Will Retire

J.C. Penney Co., the second-largest department store operator, said John Cody, president and chief operating officer of the chain, will retire effective March 1. Cody, 60, a 36-year Penney employee, will be replaced by Michael Taxter, director of strategic development, and Marilee Cumming, president of women’s apparel. Taxter, 47, will become senior vice president and director of the department stores, and Cumming, 51, will be president of merchandising for the stores and catalog. Both executives will report to Chairman and Chief Executive James Oesterreicher. The retirement comes as Penney nears the end of a disappointing fiscal year for sales and profit. The retailer has warned of earnings shortfalls in three of the last four quarters. Shares of the Plano, Texas-based retailer fell $1.19 to close at $38.50 on the New York Stock Exchange.