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JCP CFO Michael Dastugue is the next victim to Ron Johnson's company wide overhaul. COO Michael Kramer will replace Dastugue in the interim. While we’d ordinarily be less than thrilled with the prospect of a COO assuming the finance ranks, Kramer served as CFO at ANF (2005-2008) and Apple Retail (2000-2005). The only thing that bugs us here is that the finance function still remains very far removed from Ron Johnson in the org chart.

As it relates to the stock near-term, this is a big nothing.

New Structure:

JCP: RonJohn’s Circle Gets Tighter - new structure JCP

Legacy Structure:

JCP: RonJohn’s Circle Gets Tighter - old structure JCP