Long-Time J.C. Penney’s Exec Resigns, Toyota’s China-Only Brands: Consumer Business Review
Executive Vice President Ken Mangone has resigned from J.C. Penney & Co. (NYSE:JCP), after being with the company since 1977, leading product development, design and sourcing most recently. A statement reads that “We can confirm that Ken Mangone is no longer with the Company. We wish Ken continued success and thank him for his years of service to J.C. Penney.” Observers are wondering why Mangone left at the start of the crucial shopping season, and why the historic retailer isn’t going after holiday shoppers the same way that its rivals like Macy’s (NYSE:M) have, going into Black Friday. Penney’s opened at 6 Friday morning, which used to be customary for the date, but not anymore.
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A Toyota Motor Corporation (NYSE:TM) senior executive said on Thursday that the company will introduce two China-only brands through its two Chinese joint ventures beginning in 2013. The joint ventures are with FAW Group and Guangzhou Automobile Group Co. Toyota’s competitors Nissan Motor Co. (NSANY.PK) and Honda Motor Co. (NYSE:HMC) are among other non-Chinese automakers that offer China-only brands; the former reported Thursday that it intends to add an electric car to its China-only Venucia brand by 2015.