Michael Francis, executive vice president and chief marketing officer of Target Corporation, has elected to leave the company and accept the position of president of jcpenny, effective immediately.

Francis will report to incoming jcpenney chief executive officer Ron Johnson, and take on responsibility for all merchandising, marketing, planning, allocation, product development and sourcing functions at a time when the company is focusing on redefining the department store.

"I am thrilled to welcome Michael to our team," says Johnson. "He is an extremely talented executive with the vision and courage to re-imagine the department store experience. His ability to innovate and deep understanding of the industry will be invaluable as we set out to transform jcpenney into America's favorite store."

“We would like to thank Michael for his many contributions and wish him the best in his future endeavors” says Gregg Steinhafel, chairman, president and chief executive officer of Target.